Refi Possible – Affordable Refinance in Texas

Freddie Mac’s Refi Possible

Freddie Mac’s Refi Possible program offers expanded options and increased flexibility, designed to provide greater support for low- and moderate-income borrowers looking to refinance.

This initiative allows borrowers to take advantage of the current low-interest-rate market, helping to reduce their monthly mortgage payments. The goal is to enhance housing stability and promote long-term wealth building. Refi Possible is especially beneficial for borrowers who may have thought they were ineligible for refinancing due to their income levels. Available since August 30, 2021, this refinancing opportunity is aimed at making homeownership more affordable for a broader range of borrowers.

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Refinancing Your Current Texas 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!