RefiNow
Colonial is excited to offer Fannie Mae’s RefiNow™. RefiNow is an affordable refinancing option aimed at making it easier and less expensive for qualifying homeowners to reduce their monthly housing costs by taking advantage of today’s historically low interest rates. Available to borrowers at or below 80% of the area median income with debt-to-income (DTI) ratios up to 65%, RefiNow offers features that help to address some of the barriers to refinance and is a great option for creditworthy borrowers who may not have previously qualified.
To qualify for the refinance option, homeowners must have:
- A Fannie Mae owned mortgage secured by a 1-unit, principal residence;
- Current income at or below 80% of the area median income;
- No missed payments on their current mortgage loan in the past six months, and no more than one missed payment in the past 12 months; and
- A mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 credit score (applies to the new refinance loan).
See your area’s median income using Fannie Mae’s tool at:
https://ami-lookup-tool.fanniemae.com/amilookuptool/
