There are expanded eligibility guidelines and waivers on appraisal and credit fees.The program works for all types of homes, including manufactured housing.Homeowners with incomes at or below 80 percent of the Area Median Income (AMI) are eligible for the program.What homeowners should know about the Refi program: The timing of this program is also especially advantageous while interest rates remain so low. The Refi Possible website states, “The Freddie Mac Refi Possible mortgage offering will enable millions of homeowners the opportunity to reduce their monthly mortgage expenses through refinance, enhance their capability to save more, and build housing stability and generational wealth through housing.” Again, this program is mainly for homeowners who may have thought about refinancing but assumed that since they didn’t make enough monthly income they were unable to take advantage of it. In other words, Freddie Mac is just another way for lenders to be able to provide a vast number of loans to their clients and find the best fit for them.įreddie Mac has now come out with a unique program, called Refi Possible, to promote homeownership for Americans who make less than the Area Median Income (AMI) - many of whom believe they don’t make enough to get a refinance on their home. The secondary mortgage market increases the supply of money available for mortgage lending and the money available for new home purchases. Their role is to expand the secondary loans market by purchasing mortgages to then sell to mortgage-backed security investors. Congress created Freddie Mac in 1970 to help increase stability and affordability in the housing market.
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