Subject:  FNMA RefiNow™ Product

Date:  June 24, 2021


REMN Wholesale is pleased to announce we have added FNMA’s RefiNow™ to our product roster.

Product Highlights

  • The existing loan must be owned by Fannie Mae – and can be identified by using the Fannie Mae Loan Lookup Tool
  • The borrowers on the current loan must be the same on the new loan
    • No new borrowers can be added
    • One or more borrower(s) may be deleted if the following applies:
      • The remaining borrower(s) have a payment history of 0x30 in prior 6 months and no more than 1×30 in months 7-2), and
      • The remaining borrower(s) provide evidence that they have made the mortgage payments from their own funds from the prior 12 months, OR
      • The borrower being removed is deceased and documentation is provided
  • The borrower’s qualifying income (income from all borrowers who will sign the Note) must be ≤ 80% of the Fannie Mae 2021 AMI limit for the area where the property is located.
  • The refinanced loan must provide the following borrower benefits:
    • A reduction in the interest rate of at least 50 basis points, AND
    • A reduction in the borrower’s monthly payment, that includes the principal, interest, and mortgage insurance payment (if applicable), by a minimum of $50
  • Fannie Mae will provide a $500 credit If an appraisal is required.


Product Eligibility

  • Primary residence only
  • 1-unit only
  • Conforming loan amounts only
  • Rate/term refinance only
  • Max LTV 97% (95% for Manufactured Homes and loans with Non-Occupying Co-Borrowers)
  • Max DTI 65%
  • Minimum FICO 620
  • Max cash back to borrower $250
  • Max $5000 in closing costs can be included in new loan
  • Payment history on the existing loan requires 0x30 for the most recent 6 months and no more than 1×30 in months 7-12. If the borrower was in a COVID-19 related forbearance plan and the missed payments have been resolved, they are not considered in the above as a delinquency
  • Funds to close must be verified
  • Income documentation requirements

Desktop Underwriter

  • Desktop Underwriter identifies RefiNow™ eligibility per the below:
    • If the file is a 1-unit primary residence limited cash-out, AND
    • If the income in the casefile is at or below 80% of the AMI, THEN
    • DU will determine if Fannie Mae owns the loan, using the subject property address provided on the loan application
  • If DU determines FNMA owns the loan and the SSNs are a match, DU will underwrite the loan as a RefiNow™
    • If none of the SSNs match, DU will issue a message to validate the property address
    • If SSN discrepancies are found, DU will issue specific messaging for requirements

Full product guidelines can be found at

To access a PDF version of this announcement click here.

If you have any questions, please contact your Account Executive.