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Freddie Mac's New Refinance Option Available
Beginning August 30, 2021

Refi PossibleSM Expands Eligibility to Help More Homeowners
Reduce Their Monthly Mortgage Payment



Dear Licensed Partner,

On August 30 2021, Freddie Mac via bulletin 2021-17 introduced the Refi PossibleSM option to enable borrowers to refinance to a lower rate and reduce their monthly mortgage payment. With this program option qualifying homeowners whose earnings are no more that 80% of Area Median Income (AMI) will be eligible to refinance their Freddie Mac-owned loans to a lower interest rate and corresponding lower monthly mortgage payment.

The Refi PossibleSM program option will be available beginning August 30, 2021.

Sun West Mortgage Company, Inc. is offering the Refi PossibleSM loan program with an application date on or after August30, 2021.

Refi PossibleSM helps borrower by:

  • Requiring a reduction in the homeowner's interest rate by a minimum of 0.5 percent and a savings of at least $50 in the homeowner's monthly principal & interest payment.
  • Providing a $500 credit from Freddie Mac to the lender at the time the loan is purchased if an appraisal was obtained for the transaction. The lender must pass the credit to the homeowner.
  • Waiving the 50 basis point up-front market condition credit fee that Freddie Mac otherwise charges to lenders on balances at or below $300,000.

To qualify for Refi PossibleSM, borrower must have:

  • a Freddie Mac-backed mortgage secured by a one-unit, principal residence;
  • a current qualifying income at or below 80% of the Area Median Income (AMI);
  • not missed a mortgage payment in the past six months, and no more than one missed mortgage payment in the past twelve months; and
  • a mortgage with a loan-to-value ratio up to 97%, a debt-to-income ratio of 65% or less, and a minimum 620 FICO score.

If you have any questions, please contact your Client Relations Manager at (855) AT-SUNWEST or (855) 287-8693.

Sincerely,

Sun West Mortgage Company, Inc.

6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884



SW-1: Our No Overlays Program

Refi PossibleSM is a service mark of Freddie Mac.

This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.

Equal Housing Opportunity