Refi Possible

Refil Possible

Refil Possible

RefiPossible is a mortgage refinancing program created by Freddie Mac to help low- and moderate-income homeowners reduce their monthly housing costs. It caters to borrowers who may not qualify for traditional refinances due to income limitations.

Eligibility:

  • The mortgage you’re looking to refinance needs to be currently owned or guaranteed by Freddie Mac.
  • Income limits apply (typically at or below 80% of the Area Median Income (AMI) for your location).
  • Minimum credit score requirements vary, but can be as low as 620 with a slightly higher rate.
  • No recent delinquencies on your current mortgage. Debt-to-income ratio (DTI) up to 65% may be considered.
  • Refinancing a single-unit principal residence. Maximum loan-to-value (LTV) ratio limits apply (typically up to 97%).

Benefits:

  • Reduced Interest Rate: RefiPossible aims to help you achieve a lower interest rate compared to your current mortgage, potentially leading to significant monthly savings.
  • Lower Monthly Payment: The program’s goal is to make homeownership more affordable by reducing your monthly payment.
  • More Flexible Eligibility: RefiPossible offers broader eligibility compared to conventional refinances, focusing on income and making housing costs more manageable.

Considerations:

  • Income Limits: You must meet the income limitations set for your area to qualify.
  • Credit Score: While the minimum credit score can be lower than traditional options, it’s still a factor.
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