Quintessential Mortgage Group, LLC
NMLS # 979266

Refi Possible Program

(Information Only)

A New Way to Refinance

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.

How can I Qualify?

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 provider 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 provider; or any other participating provider.


Requirements to Qualify

The following are the requirements needed to qualify for this program:

  • Have a Freddie Mac-owned conventional mortgage loan
  • Own a single-family home used as your primary residence
  • Earn income below the applicable limit, currently 100% of your area’s median income 
  • Have a current credit score of at least 620
  • Have no missed mortgage payments over the past six months, and no more than one missed payment in the past 12 months
  • Have a loan-to-value ratio of 97% or less
  • Have a debt-to-income ratio of 60% or less

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