Refinance Home Program

ELIGIBILITY

NIFA is committed to providing affordable lending options to current NIFA borrowers who obtained a NIFA downpayment assistance loan in conjunction with a NIFA first mortgage loan.   You must occupy the home as your primary residence to be eligible. 

INCOME LIMIT

NIFA Household Income Limit is $175,500 effective 7/7/2025. One of our Participating Lender partners will determine your household income.

In addition to NIFA's program eligibility requirements, credit underwriting guidelines also apply. These guidelines include minimum credit scores and maximum debt-to-income (DTI) ratios. 

Participating Lenders use a credit score to determine the creditworthiness of a borrower. The DTI ratio calculates by taking your total monthly expenses and dividing them by your total monthly gross income.

Conventional and Government Loans: The minimum credit score requirement is 640 with a maximum total DTI ratio of 45%. If your credit score is 660 and above, NIFA will allow a maximum total DTI of 50%. If your Participating Lender needs to use manual underwriting guidelines to approve the loan, the minimum credit score and maximum DTI varies depending on the type of loan. If you do not have a credit score, you may still qualify for a NIFA loan.

Participating Lenders are required to determine if a borrower meets all NIFA program eligibility and credit underwriting guidelines.