Effective Monday, December 6, 2021, Newrez will align with the below enhancements in Fannie Mae Lender Letter LL-2021-10.
Eligibility for RefiNow has been expanded by:
- Increasing the borrower income limit to allow up to 100% of the applicable AMI limit; and
- Eliminating the maximum loan seasoning requirement of ten (10) years.
The changes above will apply to DU Version 11.0 casefiles submitted or resubmitted on or after the weekend of December 4, 2021. In addition, previously announced changes to the DU RefiNow product will also be reflected in the updated DU messaging and include removal of the $5,000 limit on closing costs and removal of the reduction in the monthly payment of at least $50, although borrower must still see some reduction in the monthly mortgage payment as well as a 50 basis point reduction in interest rate.
Refer to the applicable Newrez Product Profiles located on the Credit Policy and Product Development intranet site in the Newrez Lending Library.