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Gateway Offers New Mortgage Refinancing Product for Low-to-Moderate Income Customers

JENKS, Okla., June 9, 2021 – Gateway Mortgage, a division of Gateway First Bank, is making it easier for eligible homeowners to refinance at a lower interest rate and reduce their monthly mortgage payments through the new RefiNow program. Even with record-low interest rates, many low-to-moderate-income borrowers have been less likely to take advantage of the many benefits of refinancing. The Fannie Mae program is designed to save qualifying borrowers at least $50 per month on their monthly mortgage payment in addition to Gateway offering a $500 appraisal fee credit if an appraisal is conducted.

To qualify for RefiNow, borrowers must have:

  • A primary residence under a mortgage backed by Fannie Mae;

  • A current income at or below 80% of the area median income (AMI). This is not the income used when the original loan was received, but based on current pay received today in 2021;

  • Not missed a mortgage payment for 30 days in the past six months and no more than one missed 30-day mortgage payment in the past 12 months; and

  • A minimum credit score of 620 (FICO score);

For additional information, please go to the Fannie Mae website. All loans are subject to program guidelines and final underwriting approval.

Interested borrowers can contact Gateway at 877-406-8109.

About Gateway First Bank 

Gateway First Bank is a leading financial institution that provides banking and mortgage services for consumers and commercial customers. Headquartered in Jenks, Oklahoma, Gateway is a $1.9 billion asset sized bank with a strong mortgage operation.  Gateway is one of the largest banking and mortgage operations in the United States with six bank branches in Oklahoma, over 160 mortgage centers in 42 states, and almost 1,600 employees.  Learn more at Member FDIC, Equal Housing Lender (NMLS 7233)

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