Low-income borrowers are encouraged to explore this new federally-backed option
Reno, Nev.– Greater Nevada Mortgage, a wholly-owned subsidiary of Greater Nevada Credit Union, will participate in the newly-implemented Low-Income Borrower Refinance Option program from the Federal Housing Finance Agency, RefiNow.
“We’re here to offer the best options to all homeowners and buyers,” James Anderson, executive vice president of Greater Nevada Mortgage, said. “This program helps remove some potential barriers that might have limited some people from taking advantage of these historically low-interest rates and allow them to lower their monthly expenses.”
RefiNow offers lower interest rates and monthly payments to eligible low-income borrowers. Borrowers may also receive up to a $500 credit toward an appraisal of their property if an appraisal is required. According to the FHFA, eligible borrowers must:
· Have a mortgage backed by Fannie Mae on a one-unit single-family property that is owner-occupied.
· Earn 80% or less than the median income for their area. Interested applicants can check the median income for their area on the U.S. Housing and Urban Development website.
· Have no missed payments in the past six months and no more than one missed payment in the past 12 months.
· Not have a mortgage with an existing loan-to-value ratio greater than 97%, the borrower’s debt-to-income ratio must not be above 65%, and their FICO credit score must not be lower than 620.
For more information on the new program, or to inquire, visit GreaterNevadaMortgage.com/RefiNow.
Greater Nevada Mortgage provides mortgage lending products to meet the needs of a variety of borrowers throughout Nevada and California, from investors to first-time homebuyers, and also offers local underwriting and closing. GNM has been named a top mortgage lender in several of its service areas, a best place to work, and the 2017 recipient of the International Service Excellence Award in the small business category by the Customer Service Institute of America. For more information about GNM, call (800) 526-6999 or visit GreaterNevadaMortgage.com.