Expanding access to great mortgage rates

Abstract Stylized Graphic of a Multi-colored Home, a Clock, and Gold Coins

More inclusive qualifications mean if you were previously denied for a mortgage, you may now qualify.

If you qualify, the program estimates you could save up to $3,000/year, or between $100–$250/month.

Upfront costs are reduced, including a $500 appraisal credit.

RefiNow™ is a new program from Fannie Mae that could help you save up to $3,000/year on your mortgage.

To qualify you must have:

  • A Fannie Mae-backed mortgage for a primary home and 1-unit single-family residence that you live in. If your mortgage is backed by Freddie Mac, see the identical Refi Possible program for Freddie Mac-backed mortgages available August 30th.

  • Current income at or below 80% of the Area Median Income for your area. (What’s this?)

  • Not missed a mortgage payment in the past 6 months (or only one missed mortgage payment in the past 12 months).

  • A minimum 620 FICO score, a mortgage with a loan-to-value ratio up to 97%, and a debt-to-income ratio of 65% or less.

Better Mortgage was built to help give more people more access to the joy of homeownership, so this program pairs perfectly with how we’re rethinking the mortgage.

Zero fees and commissions. Always. 

No one at Better Mortgage works on commission, and we never charge “loan origination fees” or other junk fees.

Better Mortgage customers close in 32 days on average. That’s 10 days faster than the average from all other lenders.

Close 10 days faster, on average.

From click to close, we have some of the best people in the world ready to walk you through and answer any questions you might have along the way.

We’re here for you.

Important things to know

Will I qualify with my income?

Questions about refinancing, or about qualifications for this program? Read on. 
Still unclear? Reach out to 415-523-8837. Our loan officers are here to help at every step of the way.

Your income can’t be more than 80% of your area’s median income, and the amount of debt you have needs to be less than 65% of your income (this is your debt-to-income ratio). 

You’ll need to apply at least 12 months (but no more than 10 years) after your last refinance. You’re not allowed any missed mortgage payments in the last 6 months, and no more than one missed payment in the 6 months before that.

How will my mortgage history affect my application?

What do I need to know about the loan process?

If you qualify and your loan closes, you’re entitled to get get $250 back (for comparison, normal limited cash out refinance allows $2,000)

You can use the new loan to pay for closing costs, prepaid items, and points (up to $5,000) so you don’t have to cover those expenses with your cash on hand. And, if your loan balance is no more than $300,000, we will waive the current adverse market refinance fee. Unfortunately, if you have a super-conforming or high-balance loan or a condo warranty, you don’t qualify for these programs. 

Is there anything else I should keep in mind?

As a lender, we are required to lower your monthly payment by at least $50 and reduce the interest rate by a half percentage point. And, if you’re ineligible for an appraisal waiver, we’ll provide a credit of up to $500 for your appraisal. 

RefiNow™ is a trademark of Fannie Mae. 
Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option. 

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

Freddie Mac Loan Look-up Tool
Fannie Mae Mortgage Loan Lookup

Better Mortgage Corporation is a direct lender. All rights reserved. NMLS #330511 © 3 World Trade Center, 175 Greenwich Street, 59th Floor, New York, NY 10007. Loans made or arranged pursuant to a California Finance Lenders Law License. Not available in all states.

Is RefiNow™ right for you?

Person Standing in Front of Light Green Door in Between Trees Looking at Cell Phone

RefiNow with Better Mortgage

Better Mortgage was built to help give more people more access to the joy of homeownership, so this program pairs perfectly with how we’re rethinking the mortgage.

Zero fees and commissions. Always.

No one at Better Mortgage works on commission, and we never charge “loan origination fees” or other lender fees.

Better Mortgage customers close in 32 days on average. That’s 10 days faster than the average from all other lenders.

Close 10 days faster, on average.

From click to close, we have some of the best people in the world ready to walk you through and answer any questions you might have along the way.

We’re here for you.

RefiNow™ with Better Mortgage

Introducing a new money-saving program from Fannie Mae and Better Mortgage, created for homeowners with qualifying income, including those whose income has been affected by COVID-19.

RefiNow™ brings new refinancing possibilities to 2 million homeowners nationwide. Eligible homeowners can save as much as $3,000 a year ($250 a month) on mortgage payments. 


See your personalized rate to see how much you could save.

RefiNow and Better Mortgage could save you $3k a year

In partnership with

Find out how much you could save

Have questions? Call us now at 415-523-8837

See personalized rates
See personalized rates

Find out how much you could save

Want to learn more about your refi options?
Read our blog post.