Refinancing Made Accessible for All Incomes
At Revix, we believe refinancing shouldn’t be out of reach, regardless of your income. That’s why we spotlight two powerful low-income refinance options: RefiNow and RefiPossible. Tailored for homeowners earning up to 100% of their area’s median income, these programs make refinancing easier, faster, and more affordable.
Let’s explore how they compare—and how to choose the right one for your financial goals.
What Is RefiNow?
RefiNow is a Fannie Mae refinance program designed for low- to moderate-income homeowners looking for simpler refinancing. Even if your credit isn’t perfect or your debt-to-income (DTI) ratio is higher, RefiNow can help you refinance into a better loan.
Key Benefits:
- Lower interest rate and monthly payment
- Streamlined documentation process
- Option to shorten your loan term
- Appraisal waivers may apply in certain cases
- Primary residences only
RefiNow Eligibility Highlights:
- Fannie Mae must own loan
- Income must be ≤ 100% of the area’s median income
- Minimum credit score of 620
- On-time mortgage payment history required
What Is RefiPossible?
RefiPossible is a Freddie Mac refinance program designed to make refinancing more accessible to lower-income homeowners. Like RefiNow, it targets borrowers who may not meet conventional standards due to income or credit.
What Sets It Apart:
- Appraisal credit may apply
- More flexible DTI ratio allowances
- Faster approvals with reduced paperwork
Eligibility Overview:
- Freddie Mac must own loan
- Household income ≤ 100% of your local AMI
- Credit score of at least 620
- Primary residence only
Shared Benefits of RefiNow and RefiPossible
Whether you use RefiNow or RefiPossible, both streamline refinance options share key advantages:
- Lower Monthly Payments: Free up your cash flow
- Flexible Qualification Requirements: Easier than traditional refi programs
- Equity Growth: Potential to shorten loan terms
- Streamlined Documentation: Less hassle, faster results
Example: Maria, a teacher in San Antonio, used RefiPossible to lower her payment by $185 a month and shaved four years off her loan—saving over $27,500 in interest.
How to Choose the Right Program
Your choice depends on your loan owner:
- Use the Fannie Mae Loan Lookup Tool to check if RefiNow applies
- Use the Freddie Mac Loan Look-Up Tool to see if RefiPossible is for you
If you qualify for both, a Revix advisor can help you compare conventional loan refinance options and choose the one that best meets your financial goals.
Important Requirements to Know
- Loan Type: Must be a conventional loan refinance option held by Fannie Mae or Freddie Mac.
- Income Threshold: Household income must be ≤ 100% of your area’s median income
- Credit Score: Minimum 620 for both programs
- Property Type: Must be your primary residence and a single-family home
Tip: Leverage Your Equity Smarter
While neither RefiNow nor RefiPossible offers cash-out refinancing, they can still unlock significant savings. If your goal is to eliminate PMI, shorten your term, or cut your rate, these affordable home refinance options help make that possible—without the high upfront costs of traditional loans.
What About FHA, VA, or USDA Loans?
These loans aren’t eligible for RefiNow or RefiPossible, but Revix offers other streamlined refinance options specifically for these programs. Connect with a Revix advisor to explore your best low-income refinance options.
Start Your Smarter Refinance Journey with Revix
Both RefiNow and RefiPossible remove common refinancing roadblocks, providing a path to lower payments, better terms, and faster equity growth for eligible borrowers.
Ready to explore your best-fit option? Revix is here to guide you through the process—quickly, clearly, and confidently.
Frequently Asked Questions (FAQs)
What is the difference between RefiNow and RefiPossible?
RefiNow is backed by Fannie Mae, while RefiPossible is offered through Freddie Mac. Both programs help low- to moderate-income borrowers refinance more easily, but they differ slightly in how they handle DTI ratios, appraisal credits, and documentation requirements.
Who qualifies for RefiNow or RefiPossible?
To qualify, your loan must be owned by Fannie Mae (for RefiNow) or Freddie Mac (for RefiPossible), and your household income must be at or below 100% of your area’s median income. You’ll also need a minimum credit score of 620 and a consistent mortgage payment history.
Can I use RefiNow or RefiPossible if I have an FHA, VA, or USDA loan?
No. These programs are designed for conventional loan refinance options only. However, other streamline refinance options are available for government-backed loans—ask a Revix advisor for guidance.
Do RefiNow and RefiPossible offer cash-out refinance options?
No. Neither program allows cash-out refinancing. They are focused on helping borrowers improve loan terms, lower payments, or eliminate PMI—not withdrawing equity.
How do I know if my loan is owned by Fannie Mae or Freddie Mac?
You can use the Fannie Mae Loan Lookup Tool or the Freddie Mac Loan Look-Up Tool to check your loan ownership. This step is essential to determine which program you qualify for.
What if I qualify for both programs?
If you’re eligible for both, a Revix advisor can help you compare rates, fees, and terms to decide which refinance solution aligns best with your financial goals.
