Refi Possible – Affordable Refinance in California

Freddie Mac’s Refi Possible

Freddie Mac’s Refi Possible introduces expanded options and increased flexibilities, aiming to broaden assistance for low- and moderate-income borrowers who are considering refinancing.

This program provides enhanced flexibility, enabling borrowers to capitalize on the current low-interest-rate environment, ultimately reducing their monthly mortgage payments. The objective is to bolster housing stability and foster generational wealth accumulation. Tailored for low to moderate-income borrowers, Refi Possible is particularly advantageous for those who may have previously perceived ineligibility for refinancing based on their income levels. This refinancing opportunity is available as of August 30, 2021.

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Refinancing Your Current California Mortgage with Refi Possible

This refinancing program by Freddie Mac offers various features to eligible borrowers:

Eligible Properties: Eligible only for 1-unit properties that you occupy as your primary residence. Can be used on all eligible property types such as single family home, condo, PUD, etc. Condominium projects that would be classified as a “condotel” are not eligible.
$500 credit toward appraisal report: If an appraisal report is required, homeowners may be eligible for up to a $500 credit towards their closing costs.
Loan Terms Offered: Can only apply for a Fixed Rate mortgage up to the county conforming loan limit. Cannot payoff a second mortgage or HELOC with the new loan, and the borrower cannot receive more than $250 cash-back at closing.

We invite you to utilize our Refinance Interest Savings calculator to see how much you may be able to save on interest with a refinance to a lower rate.

How to Qualify for a Refi Possible Loan

To qualify for a Refi Possible refinance loan, homeowners must:

Have a FreddieMac Loan Now: the loan must be secured by a 1-unit home you occupy as your primary residence
Income Limit: Current income must be at or below 100% of the Area Median Income (AMI) for where your home is located.
On-Time Payments: Your current loan must be reporting no missed payments for the previous 12 months.
Loan-To-Value: The maximum loan to value for the RefiNow loan is up to 97% of the home’s current value.
Underwriting Enhancements: There is no minimum credit score required. Borrowers may be approved with debt-to-income ratio up to 65%.

For personalized advice and to explore the potential benefits of refinancing in your specific situation, don’t hesitate to reach out to us. Our team is dedicated to helping you navigate the intricacies of refinancing, tailoring solutions to meet your unique financial goals and circumstances.

Take the first step towards optimizing your mortgage by contacting us about refinancing today!