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757-558-2603 | Team@CMSmortgage.com
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Refinow! A Better Mortgage Could Save You $3000 A Year!

Introducing a new money-saving program from Fannie Mae and CMS Mortgage, created for homeowners with qualifying income, including those whose income has been affected by COVID-19.
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Refinow! A Better Mortgage Could Save Your $3000 A Year

Introducing a new money-saving program from Fannie Mae and CMS Mortgage, created for homeowners with qualifying income, including those whose income has been affected by COVID-19.

Refinow Brings New Refinancing Possibilities To 2 Million Homeowners Nationwide.

Eligible homeowners can save as much as $3,000 a year ($250 a month) on mortgage payments.
See Your Personalized Rate to See How Much You Could Save. Rates Change Everyday so Lock in Today!

Have A Question?

Contact us now at 757-558-2603 | team@cmsmortgage.com

Expanding Access To Great Mortgage Rates

More inclusive qualifications mean if you were previously denied for a mortgage, you may now qualify.
If you qualify, the program estimates you could save up to $3,000/year, or between $100–$250/month. Upfront costs are reduced, including a $500 appraisal credit.

Is Refinow Right For You?

RefiNow is a new program from Fannie Mae that could help you save up to $3,000/year on your mortgage. To qualify you must have:

Your mortgage must be guaranteed by Fannie Mae. For mortgages backed by Freddie Mac, please see the identical Refi Possible program.

Your income must be at or below 80% of the median income in your area.

Your mortgage must be guaranteed by Fannie Mae. For mortgages backed by Freddie Mac, please see the identical Refi Possible program.

Your income must be at or below 80% of the median income in your area.

Your mortgage must be guaranteed by Fannie Mae. For mortgages backed by Freddie Mac, please see the identical Refi Possible program.

Your income must be at or below 80% of the median income in your area.

Your mortgage must be guaranteed by Fannie Mae. For mortgages backed by Freddie Mac, please see the identical Refi Possible program.

Your income must be at or below 80% of the median income in your area.

Want to learn more about your

Your Refi Options?

Key Considerations

If you have any more questions about the program or it’s qualifications, read on! If you still find yourself scratching your head, call us at (757) 558-2603. Our loan officers are the best in the business and will have you sorted out in no time.

Will I qualify with my income?

The program states that your income must be no lower than 80% of the median income in your area. You must also not have debt that is higher than 65% of your income. This figure is known as your debt-to-income ratio.

How will my mortgage history affect my application?

You may apply for the program 12 months after your last refinance, but not longer than 10 years. You must not have missed any mortgage payments in the six-month period before applying for the program. In the six months prior to this period, you must not have missed more than one payment.

Details about the Loan Process

Upon qualification, you are entitled to receive $3000. In comparison, a traditional refinance would get you $2000.

You can use the new loan to pay for closing costs, prepaid items, and points (up to $5000). This will allow you to keep your cash on-hand in reserve for other expenses. If your loan balance is below $300,000 the current adverse market refinance fees will be waived completely.

In case you have a condo warranty, a super conforming, or high balance loan you will not qualify for this program.

Is there anything else I should keep in mind?

As a lender, we are required to lower your monthly payment by at least $50 and reduce the interest rate by a half percentage point. And, if you’re ineligible for an appraisal waiver, we’ll provide a credit of up to $500 for your appraisal. 
Have more questions? Call us now at 757-558-2603 | Team@CMSmortgage.com
Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option. 
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: Freddie Mac Loan Look-up Tool | Fannie Mae Mortgage Loan Lookup
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