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Refi Possible Program

poised for your success

Refinancing is made simple and easy at Quintessential Mortgage Group. The Freddie Mac’s Refi Possible program helps low-to-middle-income borrowers reap the rewards of low-interest rates, resulting in more favorable mortgage terms and overall lower monthly payments. We’ll work with you to assess your eligibility and whether it is an effective option for you. Sometimes borrowers forget to consider refinancing their current rates against what they’re already paying. With the help of our experienced loan officers, you could be on your way to lower monthly mortgage payments in no time.

What is the refi possible program?

Refinancing is made simple and easy at Quintessential Mortgage Group. The Freddie Mac’s Refi Possible program helps low-to-middle-income borrowers reap the rewards of low-interest rates, resulting in more favorable mortgage terms and overall lower monthly payments. We’ll work with you to assess your eligibility and whether it is an effective option for you. Sometimes borrowers forget to consider refinancing their current rates against what they’re already paying. With the help of our experienced loan officers, you could be on your way to lower monthly mortgage payments in no time.

Refi Possible℠ is a rate/term refinance program that allows qualified borrowers to have a high loan-to-value (LTV) ratio and a high debt-to-income (DTI) ratio. What does all of this mean? Here are three key definitions to help you understand:

  • Rate/term refinance: A rate/term refinance lets borrowers take advantage of more favorable interest rates or shorten their loan’s duration. In a rate/term refinance, the borrower doesn’t receive any cash (that happens in a cash-out refinance), but the goal is to save money in the long run with lower and/or fewer monthly mortgage payments.
  • LTV ratio: The LTV ratio is the loan amount divided by the appraised value of the home. It helps lenders assess their risk level in a mortgage.
  • DTI ratio: Your DTI ratio is the balance between your debt and income. When it comes to your DTI ratio, aim low. If your DTI isn’t as low as you would like, you might still qualify under the Refi Possible℠ program.

If better mortgage terms are on your mind, it’s time to see if you qualify for the Refi Possible℠ program. Here are the requirements and highlights that you need to know:

 

  • Primary single-family homes, log homes, manufactured homes, and PUDS (planned unit developments) are eligible.
  • Condos are eligible only if they have a deed restriction for age.
  • The maximum DTI allowed is 65%.
  • If the new loan is over 80% LTV, mortgage insurance (MI) is required.
  • There is no limit on the number of financed properties owned.

 

Consult with our team of experts at Quintessential Mortgage Group today and find out if the Refi Possible program is best for you. 

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