How is a Refi Possible mortgage different from a Freddie Mac Home Possible® mortgage refinance?

At a high level, a Refi Possible mortgage would be a better refinance option for borrowers who may not qualify for Home Possible; this could include borrowers with higher debt-to-income (DTI) ratios or who have limited funds to pay for upfront appraisal costs. However, both offerings provide benefits to serve lower-income borrowers. Check out our Refi Possible and Home Possible Refinance Comparison grid to view a side-by-side comparison of product features. In addition, the complete requirements of each offering may be found in the Freddie Mac Single-Family Seller/Servicer Guide (Guide).

Can a Refi Possible mortgage be amortized for a period other than 15, 20, or 30 years?

Refi Possible mortgages are available for all eligible fixed-rate mortgage terms.

What property types are permitted under Refi Possible?

All property types eligible under the Guide, including manufactured homes.

Can Refi Possible be combined with Home Possible?

No, these are two distinct Freddie Mac product offerings with each having benefits to serve lower-income borrowers. These offerings cannot be combined. The Seller should review complete requirements for Refi Possible and Home Possible to determine which of the two offering suits the borrower best.

Can a borrower who has a low credit score qualify for Refi Possible?

Yes. There is no minimum indicator score required for eligibility for Refi Possible mortgages. However, the seller must identify and deliver an indicator score for all Refi Possible mortgages in accordance with the requirements of Guide Section 5203.2(e) If the seller determines that there is no usable credit score due to insufficient information or inaccurate information, the mortgage is not eligible for sale to Freddie Mac.

Can a borrower who does not have a usable credit score due to insufficient or inaccurate information qualify for Refi Possible?

No. If no borrower has a usable credit score, then the mortgage does not have an Indicator Score and is not eligible for delivery to Freddie Mac as Refi Possible.

Can a mortgage with a recent history of forbearance be refinanced as a Refi Possible mortgage?

If the borrower makes all payments while the loan is in forbearance, a mortgage can be refinanced as a Refi Possible mortgage. The mortgage must meet Refi Possible payment history requirements, which does not allow recent missed payments.

Programs Conventional Loans

Freddie Mac Refi Possible

FICO per AUS Up to 97% CLTV

The Freddie Mac Refi Possible program is designed to help low- and moderate-income homeowners refinance their mortgages to lower their monthly payments. It offers flexible options for those who may not qualify for traditional refinance programs.

Program features

FICO as per AUS
Up to 97% LTV
DTI as per AUS
Min 12-month seasoning requirement
1-unit primary residence

Why choose our Freddie Mac Refi Possible?

Reduced documentation requirements
$500 credit will be provided if an appraisal has been obtained for the transaction
Income at or below 100% of the Area Median Income

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Program details

Reduced documentation

DTI per AUS

Owner-occupied, 1-unit primary residence

LTV up to 97%

The current loan must be owned by Freddie Mac

No super conforming, temporary subsidy buydowns or Texas Equity Section 50(a)(6) Mortgage

May not be combined with a Home Possible refinance transaction

A reduction in interest rate of at least 50 basis points

$500 LLPA credit if appraisal obtained; removal of the $5,000 cap on financing costs

Current income at or below 100% of the Area Median Income (AMI)

Must be seasoned at least 12 months

Asset documentation: 1-month account statement (only required if funds to close are greater than $500)

Cash out limited to $250

Reserves as per AUS

Standard mortgage insurance coverage is required, custom mortgage insurance is eligible

All eligible property types are permitted

Fixed-rate only

Eligible citizenship: US citizens, Permanent Residents, Non-permanent Residents

Eligible borrowers: Individuals

Fast turnaround times

As fast as

24 hr

Disclosure

As fast as

24 hr

Underwriting

As fast as

48 hr

Freddie Mac Refi Possible

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Program details

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Fast turnaround times

Disclosure

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FHA Streamline Refinance

Fannie Mae HomeReady