The Freddie Mac Refi Possible Program is a new loan intended to help lower-income mortgage borrowers pay less for a refinance and take advantage of lower interest rates.
Many have struggled during the hard times of the pandemic. People looking to refinance worry that they won’t be able to lower their current interest rate or pay for all the closing costs that come with a refinance.
This is exactly where Refi Possible comes into play. The Refi Possible program is designed to help homeowners who would otherwise be turned away by the high upfront costs involved with a refinance. Once qualified, you are open to lowering both your monthly payment and your interest rate, making a refinance possible for many more individuals.
If you’re interested in the Refi Possible program, here are the steps you should take to verify your eligibility.
Firstly, you must verify that Freddie Mac owns or securitizes your current loan. Use Freddie Mac’s very own Mortgage Loan Lookup Tool for verification.
Next, utilize Freddie Mac’s Income and Property Eligibility Tool to determine whether you meet your area’s median income limits and if your home qualifies.
Recently, Freddie Mac has expanded its Refi Possible program to include anyone earning at or below 100% of their area’s median income, up from the previous limit of 80%. This has loosed the requirements for homeowners to be eligible without needing an incredibly low income to qualify.
Finally, you’ll want to contact your current lender or mortgage company to begin. Freddie Mac does not provide loans directly to consumers. You’ll need to execute the Refi Possible refinance through your existing lender; or any other participating lender.
The following are the requirements needed to qualify for this program:
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