RefiNow™
The Freddie Mac Refi Possible℠ and Fannie Mae RefiNow™ program options could help borrowers take advantage of today’s low interest rates and lower their monthly mortgage payment. These programs are available to borrowers at or below 80% of the area median income with debt-to-income (DTI) ratios up to 65% and offers features that make it a great option for individuals who may not have previously qualified.
Is It Right for You?
Both Refi Possible℠ and RefiNow™ expand refinance options for borrowers who have been unable to take advantage of the many benefits of refinancing.
Is It Right for Your Situation?
To qualify for Refi Possible℠ or RefiNow™, borrowers must have:
A primary residence under a mortgage backed by Freddie Mac or 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 made an over 30-day late mortgage payment in the past six months and no more than one 30-day late mortgage payment in the past 12 months; and
A minimum credit score of 620 (FICO score);
Features and Benefits
Save at least $50 per month on your monthly mortgage payment
$500 appraisal fee credit if an appraisal is conducted
Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.