Freddie Mac Refi Possible

Min. Credit Score 620 Min. 3% Down Payment

Freddie Mac Refi Possible is designed to help lower-income homeowners save money on their mortgage. If you have trouble qualifying for a traditional refinance, this program offers more flexible options to help you refinance and lower your monthly payment.

Program features

Minimum credit score 620
Debt-to-income (DTI) ratio up to 65%
Minimum 3% down payment
Minimum of 12 months with your current mortgage is required
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
Household income at or below 100% of the Area Median Income (AMI)

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Program details

Reduced documentation

Debt-to-income (DTI) ratio up to 65%

Primary residence

The current loan must be owned by Freddie Mac

May not be combined with a Home Possible refinance transaction

$500 credit will be provided if an appraisal has been obtained for the transaction

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

At least 12 months with your current mortgage required

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

New loan amount may include cash-out limited to less than or equal to $250

No required minimum reserves

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

All eligible property types are permitted

Fixed-rate only

Available to non-permanent residents

Minimum borrower contribution is 3%

Freddie Mac Refi Possible FAQ

What is Freddie Mac Refi Possible?

Freddie Mac Refi Possible is a refinance program that helps low- and moderate-income homeowners lower their monthly mortgage payments with flexible options.

Who is eligible for Freddie Mac Refi Possible?

Borrowers with incomes at or below 100% of the Area Median Income (AMI) who currently have a Freddie Mac loan are eligible. To find out if you meet this, you can look it up using Freddie Mac’s Area Median Income and Property Eligibility Tool.

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).

Refer to Guide Chapter 4501 Home Possible^®Mortgages.

Refer to Guide Chapter 4302: Freddie Mac Refi Possible^SM Mortgages.

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.

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.

Can I transfer my existing Mortgage Insurance to a new loan under Freddie Mac Refi Possible?

No, you cannot transfer existing mortgage insurance to a new loan under Freddie Mac Refi Possible. You will need to obtain a new mortgage insurance policy for the refinanced loan.

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#Yes to employed

FHA Standard

Min. Credit Score 620 Min. 2.25% Down Payment

Loan amounts up to $498,257
Debt-to-income (DTI) ratio up to 55%
Minimum 2.25% down payment
Owner occupied only

Fannie Mae RefiNow

Min. Credit Score 620 Min. 3% Down Payment

Reduced documentation
Debt-to-income (DTI) ratio up to 65%
Primary residence
The current loan must be owned by Fannie Mae