RefiNow With Colonial


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).

 

To learn more about RefiNow, visit GoColonial.com/RefiNow today!

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