Fannie Mae RefiNow Program – 2025 Guide for Wisconsin Homeowners
The Fannie Mae RefiNow program is designed to help more homeowners qualify for lower mortgage rates, even if they have moderate income or limited savings. In 2025, this expanded refinance option allows Wisconsin homeowners to lower payments, reduce monthly debt, and build long-term financial stability.
If you've been told you "make too much" or "don't fit standard refinance rules," RefiNow may be the flexible solution you've been waiting for.
What Is the Fannie Mae RefiNow Program?
The Fannie Mae RefiNow program is a special refinance product aimed at helping lower- and moderate-income borrowers access the savings of today's rates. According to Fannie Mae, it offers simplified approval, reduced costs, and more inclusive credit guidelines.
Key highlights include:
- Lower rates than standard conventional refinances
- Reduced income and equity requirements
- Limited loan-level price adjustments (LLPAs) for qualifying borrowers
- Simplified documentation for income and employment verification
- Waived appraisal fees in many cases
Who Qualifies for Fannie Mae RefiNow in 2025?
To qualify for RefiNow, you must meet certain eligibility requirements set by Fannie Mae:
- Your existing loan must be owned or guaranteed by Fannie Mae
- Income must be at or below 100% of your area median income (AMI)
- Your current mortgage is up to date (no missed payments in the past 6 months)
- You have no more than one 30-day late payment in the past 12 months
- A minimum credit score of 620 is typically required
- You must benefit from the refinance (lower payment or rate)
If you're not sure whether your current mortgage is owned by Fannie Mae, you can check instantly on the Fannie Mae Loan Lookup Tool.
Why Homeowners Love RefiNow
The RefiNow program was created to close the affordability gap and give everyday homeowners access to savings usually reserved for high-credit or high-income borrowers.
Benefits include:
- Lower monthly payment
- Easier qualification standards
- Potential $500 credit toward an appraisal if required
- Simplified income documentation
- Reduced closing costs
For Wisconsin borrowers, that means more refinancing opportunities even if your income or home value isn't perfect.
Real Example: Wisconsin Homeowner Savings
Let's say you bought a home in 2022 with a 7.25% rate on a $280,000 mortgage.
Through the Fannie Mae RefiNow program, you refinance to 6.125% in 2025.
That 1.125% rate drop could save roughly $200 - $250 per month - and over $50,000 in interest across the life of the loan.
Add in waived appraisal costs and reduced pricing adjustments, and the savings become even more significant.
Documents You'll Need
To apply for the Fannie Mae RefiNow program, you'll typically need:
- Recent pay stubs or proof of income
- Most recent W-2 or tax return
- Current mortgage statement
- Homeowner's insurance declarations page
- Photo ID
- Bank statement for reserves
Once we have your documents, we can usually close within a week or so.
Related Resources
- Internal Link: Conventional Loans in Wisconsin - Best Mortgage Option in 2025
- External Link: Fannie Mae RefiNow Official Program Page
Ready to See If You Qualify?
If your current loan is owned by Fannie Mae, you may qualify for an instant rate drop through the Fannie Mae RefiNow program. My team and I specialize in helping Wisconsin homeowners refinance quickly and easily - often closing in a week once your documents are in.
Let's see how much you can save in 2025.
Contact & CTA Block
Adam Zeman - NMLS #870441
Union Home Mortgage
Serving Milwaukee, Waukesha & all of Wisconsin
📞 414-975-2654
📧 azeman@uhm.com
🌐 www.mkemortgage.com
📝 Start Your Loan Application
💬 Chat with My 24/7 Mortgage & Real Estate Assistant