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
- 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