Refinance

Conforming (Conventional ) Fixed

• RefiNow (Fannie Mae) & Refi Possible (Freddie Mac) offers expanded eligibility to benefit borrowers at or below 100% of the area median income (AMI) and helps more borrowers take advantage of refinance opportunities afforded during low interest rate environments.

• Rate/Term refinance only

• Loan must be season at least 12 months

• Borrowers income must be at or below 100% of the AMI for the subject property location

• New refinance transaction must result in a minimum 50 basis point interest rate reduction

• New refinance transaction must result in a reduction on monthly payment of principal, interest and mortgage insurance.

• Minimum credit score 620

VA Interest Rate Reduction Refinance Loan (IRRRL)

VA -guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with a lower principal and interest payment than the existing VA loan.

• NO limit to the number of times the IRRRL program is used providing 210 days have elapsed between each refinance and each has a 'net tangible benefit'

• Rate and term refinance

• Must have an existing VA loan that has been open for at least 7 months (210 days)

• Must be current on mortgage payments

• VA funding fee may be required

• Can be used on an investment property providing you certify it was a previous primary residence