What is RefiNow/RefiPossible?

Under the guidance of FHFA, Fannie Mae, and Freddie Mac is offering the RefiNow/RefiPossible refinance option that offers expanded eligibility that helps more borrowers take advantage of a low interest rate environment.

Homeowner Benefits:

• Provides a $500 credit from Fannie Mae to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
• Removes negative credit adjustments that would increase your interest rate.

Qualifications, Homeowner Must Have:

• A Fannie Mae and Freddie Mae-backed mortgage secured by a 1-unit, principal residence.
• A current income at or below 100% of the AMI (not the income as of origination of the original loan).
• No missed mortgage payments in the past six months, and no more than one missed mortgage payment in the past 12 months.
• Must reduce the interest rate by .5% and save at least $50/month.

Eligibility:

Freddie Mac and Fannie Mae have adopted a new refinance option for loans to borrowers with incomes at or below 80% of area median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option.

You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites:

• Freddie Mac Loan Look-Up Tool
• Fannie Mae Mortgage Loan Lookup