Now offering Freddie Mac Refi Possible
Start originating Freddie Mac Refi Possible mortgages with FLCBank starting December 22, 2021!
Freddie Mac Refi Possible is here at FLCBank helping support millions of low to moderate-income borrowers who believe they missed their chance to refinance and benefit from securing low interest rates in the past with a chance to reduce their monthly mortgage expenses.
This benefit is available to borrowers that meet specific eligibility criteria such as:
- Currently, have a Freddie Mac owned/serviced mortgage secured the borrower’s 1-Unit primary residence,
- The new loan must provide the following benefits to the borrower:
- A reduction in the interest rate of at least 0.50% (50 basis points) results in a reduction in the monthly payment that includes principal, interest, and mortgage insurance payment (if applicable).
- Have an area median income (AMI) limit of 80% or below (AMI will expand to at or below 100% effective with loans submitted to LPA on January 31, 2022),