Real Estate

Fannie Mae’s new refinance program starts next week. What to know


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Lower-income homeowners could potentially save hundreds of dollars a month on their mortgage under a government refinancing initiative that starts on .

Fannie Mae, one of two government-sponsored and publicly traded enterprises that buys and sells mortgages, will open its “RefiNow” program on June 5 with the intention of helping an estimated 2 million homeowners lower the interest rate they pay on their mortgage — and, therefore, the amount they pay monthly. Households earning 80% or less of their area’s median income are generally eligible if they can meet some other requirements.

“Many homeowners in lower income brackets may believe they can’t afford to…


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