Homepoint expands program offerings for low-income borrowers
“Homepoint now offers Freddie Mac’s new refinance option, Refi Possible, which allows many homeowners with a Freddie Mac-owned mortgage to reduce their interest rate by at least 50 basis points and save money. on monthly mortgage payments, ”the company said. noted.
The Refi Possible product is available to homeowners who have a mortgage backed by Freddie Mac secured by a single-unit primary residence; a current income equal to or less than 80% of the median income of the area (AMI); not have missed any mortgage payment in the last six months, not have missed more than one mortgage payment in the last 12 months; have a mortgage with a loan-to-value ratio of up to 97%, a debt-to-income ratio of 65% or less, and a minimum FICO score of 620; and whose initial loan was not taken out with Freddie Mac Refi Possible, Freddie Mac Relief Refinance or Freddie Mac Enhanced Relief Refinance.
In addition, Homepoint will provide a maximum assessment credit of $ 500 to borrowers who do not qualify for an assessment waiver. Flexible loan terms are also available, so borrowers are not required to extend the term of their loan.
“With interest rates still at historically low levels, we are delighted to roll out this new refinancing program to allow even more clients in our service portfolio to save money on their mortgages,” said said Phil Shoemaker, President of Assemblies at Homepoint. “This presents more opportunities for our mortgage broker partners to communicate with qualified clients who could benefit from refinancing before rates rise. “