Ally Home Announces The Launch Of RefiNow

Ally Home announced the launch of RefiNow, available to borrowers with Fannie Mae backed mortgages looking to refinance their single unit principal residence. This refinancing option was made to better serve borrowers who do not qualify for other refinancing options. 

Obstacles that often hamper borrowers with lower incomes from refinancing lead to them refinancing at a slower pace than those with higher incomes. RefiNow solves this issue by allowing borrowers to take advantage of today’s low mortgage interest rates while supporting a safer, stronger housing finance system. This option is part of Ally Home’s initiative to “Do It Right” for current and future homeowners. 

“Historically low rates make it an exceptional time to refinance your mortgage,” said Glenn Brunker, president of Ally Home. “But until now, many low-income consumers — the very people most in need of financial relief — have been unable to qualify for traditional refinancing options and benefit from these lower rates. Through RefiNow, Ally Home is stepping up to help borrowers save money each month through lower interest rates, while simultaneously enabling them to build equity, grow wealth and foster economic mobility.” 

To qualify for RefiNow, borrowers must have a current income at or below 80% of the area’s median income for the property's location. The program also requires a loan-to-value ratio of 97% or less, a debt-to-income ratio of 65% or less, and 620 FICO score.  

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