Freddie Mac Refi Possible
The Freddie Mac Refi Possible program provides borrowers with expanded opportunities to take advantage of low-interest rates and to refinance their mortgage in order to promote long-term, homeownership success. With Refi Possible, low-to-moderate income borrowers can refinance their current loans and save more on their monthly mortgage payments.
A&D Mortgage is a specialist in helping borrowers take advantage of this historic refinancing opportunity and will guide you through the entire loan process.
Program highlights:
- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5,000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements
DISCLAIMER
*Monthly payment must include principal, interest, and mortgage insurance payment
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Other Programs
Fannie Mae RefiNow
- Designed for lower-income families
- Limited to owner-occupied, 1-unit primary residence financed through Fannie Mae or Freddie Mac
- Lowers interest rate by 0.5% and monthly payment by at least $50
- FICO 620
- Up to 97% LTV
- Income at or below 80% of the area median income (AMI)
- Maximum DTI 65%
- Borrower will receive $500 credit at closing if they have an existing appraisal
- Roll up to $5000 in closing costs for those with limited cash to close. Cash-out limited to $250
- Reduced documentation requirements
WVOE / 1099
•• No Score or FICO 660
• Up to 80% CLTV for WVOE
• Up to 85% CLTV for 1099
• Loan amounts up to $3 million
• DTI 55% Max
• Cash out available
• Completed FNMA Form 1005 for 2-year history with the same employer
Full Doc Non-QM
• FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• DTI up to 55%
• 30 & 40 Year Fixed, 5/6 & 7/6 ARM
• Traditional income
• 2-year credit event allowed
• Super Prime & Prime programs
• Condos up to 85% CLTV
• Condotels up to 70% CLTV
• NY up to 85% CLTV
12/24 Months Bank Statements
• No Score or FICO 660
• Up to 85% CLTV
• Loan amounts up to $3 million
• Max cash-on-hand $1 million, no limit for CLTV < 55%
• 30 & 40 Year Fixed
• 3 months reserves
• Gift Funds for reserves allowed
• 12 months from bankruptcy or foreclosure
• Mortgage history 0 x 60 x 12
• Combination of business and personal bank statements allowed
• Condo and condotels allowed