Expanded Eligibility for Refinances

 In Refinancing your Mortgage

There are new refinance loans available for people who currently have a loan securitized by Fannie Mae or Freddie Mac.  Here’s what you need to know to see if you qualify.

Your existing mortgage must be securitized by either Fannie Mae or Freddie Mac, the two main companies that purchase mortgages from lenders.  To find out if your loan is with Fannie Mae or Freddie Mac, click on these links and you can search their databases.  

For Fannie Mae, click HERE. 

For Freddie Mac, click on HERE.

Having Trouble?

If you have any trouble finding out if your mortgage is owned by either Fannie Mae or Freddie Mac, give us a call and we can search for you.  The search is sometimes tricky, and you don’t want to miss out on this.

Your existing loan must be at least 12 months old – from the date you closed on your existing loan until you close on the new loan.

You must have at least a 620 credit score.

Your debt-to-income ratio (DTI) must be 65% or lower.  This is the most amazing part of these new loans.  For other conventional loans, the maximum DTI is 50%.  That means many more people will qualify for these new loans.

The new interest rate must be at least .50% less than your current interest rate.

The qualifying income (the income we need to get an approval) needs to be 100% of the Area Median Income or lower.  In the Denver metro area, that is $104,800.  It is possible to make more than that, though, and still qualify because the only income we have to count is the income needed to get an approval.  If you make $150,000 per year, and your base pay is $100,000 and your overtime, commissions, or bonuses makes up the rest, you are still eligible if we can get an approval using just your base pay of $100,000.

This is a great opportunity to save some money on your mortgage.  Contact us today and we will take care of you.

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