 TITLE: New Mortgage Refinance Option for Low-Income Families CONTENT: How to Qualify for an Enterprise Refinance Loan\n-----------------------------------------------\nIf you're interested in applying, there are some basic things to know. First, Freddie Mac and Fannie Mae have different names for the program. Freddie calls its enterprise-backed mortgages \"Refi Possible\"; Fannie's name for the same program is \"RefiNow\".\nSecond, you'll need to find out if your specific mortgage is backed by Fannie Mae or Freddie Mac. For Fannie Mae, you can search for your loan on their website; for Freddie Mac, you can use the loan lookup tool on their site.\nThird, to be eligible for the programs you'll need to meet a few different requirements:\n*   You must have a FICO credit score of at least 620.\n*   You need to earn at or below 80% of your area's median income.\n*   You'll need to provide proof that you've been current on mortgage payments for the past six months in a row.\n*   You haven't missed more than one mortgage payment in the past 12 months.\n*   Have a maximum mortgage loan-to-value (LTV) ratio of 95% or 97% depending on the property type.\n*   Your debt-to-income (DTI) ratio must be 65% or lower. END