Fannie Mae issued Lender Letter LL-2021-10 (Letter), introducing the RefiNow refinance option. Per the Letter, the RefiNow option offers expanded eligibility to benefit borrowers at or below 80% of the area median income limit and helps more borrowers take advantage of the current low interest rate environment. The Letter sets forth the eligibility, underwriting and other requirements for the RefiNow option. A RefiNow option may be secured by a one unit primary residence; manufactured home; condominium unit, planned unit development, or Fannie Mae prior approved co-op share loan. The RefiNow option is available for manually underwritten loans with application dates on or after June 5, 2021, and available for Desktop Underwriter loan casefiles submitted or resubmitted to DU Version 11.0 on and after the weekend of June 5, 2021.
Click to view the Fannie Mae Lender Letter LL-2021-10: https://www.tenaco.com/wp-content/uploads/2021/05/Fannie-Mae-Lender-Letter-LL-2021-10-05-05-21.pdf
