A Refinance Built For Modest Incomes.
If your income is at or below the area median, RefiNow is designed to make refinancing worth doing.
A refinance that has to leave you better off, by rule
RefiNow only works if the new loan measurably lowers what you pay.
- Your total income must be at or below 100% of the area median income for where you live.
- The loan you have now must be owned by Fannie Mae.
- The new loan has to lower your interest rate by at least half a percentage point.
- It also has to reduce your monthly payment, counting principal, interest and mortgage insurance.
- The home must be your primary residence, and a single-family attached or detached house.
- Two- to four-unit properties are not eligible for this program.
Primary residence only
Income at or below area median
Existing loan owned by Fannie Mae
Rate must drop by at least half a point
Monthly payment must go down
Single-family homes only
What is the Saxton RefiNow Refinance?
A Fannie Mae refinance aimed at homeowners who were not being served well by a standard refinance.
Refinancing is supposed to save you money, but the costs and qualifying hurdles can eat the benefit, especially for households on a modest income. RefiNow was created by Fannie Mae to address that. It is a conventional refinance with rules that force the new loan to actually be an improvement.
The eligibility rules are unusual in a good way. Rather than only asking whether you qualify, the program asks whether the refinance is worth doing. The new loan must cut your interest rate by at least half a percentage point, and it must reduce your monthly payment once principal, interest and mortgage insurance are counted. If it does not do both, it does not qualify.
There are boundaries. Your total income has to be at or below the area median income where you live, the mortgage you currently have must be owned by Fannie Mae, and the home has to be your primary residence. It is available for single-family attached and detached homes, but not for two- to four-unit properties.
Why choose the Saxton RefiNow Refinance?
For homeowners whose income has kept them out of a refinance that made sense.
The Benefit Is Required
Most refinances leave it to you to work out whether the numbers are worth it. Here the improvement is a condition of eligibility, not an outcome you hope for.
Written For Modest Incomes
The income limit is not a disadvantage here. It is the qualification. This program exists specifically for households at or below the area median.
Both Rate And Payment
It is not enough for the rate to move. The monthly payment has to come down too, with mortgage insurance included in that math.
A Straightforward Path
This is a conventional refinance backed by Fannie Mae, not an exotic product. The structure is familiar, the rules are simply tighter in your favor.
We Check Ownership First
Whether Fannie Mae owns your current loan is the first gate, and it takes us a moment to look up. No reason to go further until we know.
We Check Ownership First
Confirming that Fannie Mae owns your loan and that your income fits the limit takes very little time, and it decides everything after it.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about refinancing through the RefiNow program.
It is not always obvious, because the company you send your payment to is often just the servicer rather than the owner. We can check it for you, and it is the first thing worth confirming.
It is a figure published for your specific area, so the threshold in one metro is different from another. Your total household income needs to sit at or below that number.
Then it would not qualify. The program requires a reduction of at least half a percentage point, which is a deliberate floor to keep marginal refinances out.
Yes, and that calculation includes principal, interest and mortgage insurance. A refinance that lowered the rate but raised the payment would not be eligible.
No. RefiNow is for your primary residence.
Not on this program. Two- to four-unit properties are excluded, though we have other refinance options that handle them.
RefiNow is built around lowering your rate and payment rather than pulling equity out. If cash is the goal, a cash-out refinance is the better conversation.
Find out what you qualify for
If your income is at or below the area median and Fannie Mae owns your loan, this is worth ten minutes of checking. Let us look it up with you.
Get Pre-Qualified*Loan amounts, rates, terms, and eligibility are subject to credit approval, income and asset verification, and program guidelines. RefiNow requires the existing loan to be owned by Fannie Mae, borrower income at or below the applicable area median income, and a resulting reduction in both interest rate and monthly payment. Primary residence only. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.