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
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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).
Refer to Guide Chapter 4501 Home Possible® Mortgages.
Refer to Guide Chapter 4302: Freddie Mac Refi PossibleSM Mortgages.
Refi Possible mortgages are available for all eligible fixed-rate mortgage terms.
All property types eligible under the Guide, including manufactured homes.
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.
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.
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.
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.
