Let’s face it: Refinancing sounds great in theory, with lower rates, reduced monthly payments, but if your income doesn’t meet typical lender standards, it can feel like you’re locked out. That’s where RefiNow and Refi Possible come in.

Both programs were designed to help homeowners with modest incomes refinance affordably and responsibly, even if their credit or equity isn’t perfect.

In this guide, we’ll break down each program, how they work, and how to decide which one’s right for you.

Key Takeaways:

• RefiNow and Refi Possible are government-backed refinance programs for low- to moderate-income borrowers.
• You may qualify even with lower credit scores and higher LTV ratios.
• These programs help reduce monthly payments and interest costs.
• Each has slightly different eligibility criteria; find out which one suits you.
• Ideal for homeowners who missed out on refinancing when rates were low.

What Are RefiNow and Refi Possible?

RefiNow is a Fannie Mae initiative. Refi Possible is its Freddie Mac counterpart. Both aim to help lower-income borrowers access the benefits of refinancing.

Core Benefits:

• Reduced Interest Rates: Lenders must offer at least a 50-basis-point rate reduction.
• Limited Fees: Upfront costs are capped, and some may be waived.
• No Appraisal in Many Cases: Streamlined process for qualifying applicants.

Shared Eligibility Criteria:

• Your income must be at or below 100% of your area’s median income (AMI).
• You must have a current Fannie Mae- or Freddie Mac-owned loan.
• You must have no missed mortgage payments in the past six months.

Key Differences Between the Two

How to Apply (Step-by-Step)

1. Confirm Ownership: Use the lookup tools linked above.
2. Check Income Eligibility: Use the AMI tool on Fannie Mae’s site.
3. Contact a Trusted Lender: Platforms Be My Neighbor can help connect you with lenders experienced in these programs.
4. Submit Documentation: You’ll need proof of income, current mortgage statements, and credit authorization.
5. Review Offers: Ensure the interest rate reduction meets program standards.

Compliance Disclosures

• This content is for informational purposes only and does not constitute financial advice.
• Mortgage availability and terms are subject to change.
• Eligibility for RefiNow or Refi Possible depends on the borrower's profile and underwriting.
• Be My Neighbor Mortgage, NMLS #1743790, is a licensed mortgage broker offering access to refinance products through third-party lenders.
• Realpha is a real estate platform that does not charge commission for home buying. Realpha is not a mortgage lender.

Conclusion: Your Next Move

If refinancing has felt out of reach, RefiNow and Refi Possible could be the solutions you’ve been waiting for. These programs are designed to offer savings without the typical refinancing roadblocks.

Start your journey today:

• Visit realpha.com to explore commission-free home buying and refinancing options.
• Or connect with Be My Neighbor Mortgage for personalized support from licensed loan experts.

Lower rates, fewer fees, and flexible terms they’re finally within reach.

FAQs

What’s the difference between RefiNow and Refi Possible?

RefiNow is Fannie Mae’s low-income refinance option, while Refi Possible is Freddie Mac’s. They share similar goals but have slightly different underwriting guidelines.

Can I qualify with a low credit score?

Yes, both programs are more flexible than traditional refinancing. Refi Possible may accept even lower scores at the lender's discretion.

Do I need to pay for an appraisal?

Not necessarily. If you qualify under either program, appraisal fees may be waived.

Are these programs available in all states?

Yes, but you must meet the income and loan ownership criteria.

Is there a catch?

No catch, just eligibility rules. Make sure your mortgage is owned by Fannie or Freddie and your income fits the local AMI threshold.

How long does the process take?

In most cases, 3–6 weeks from application to closing, depending on your documentation and lender.

Need help deciding? Reach out to realpha or Be My Neighbor today to learn more.