Do You Qualify for RefiNow or Refi Possible? A Clear Guide for Everyday Homeowners | reAlpha Mortgage

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.

• 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.

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.

• 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.

• 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.

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 like reAlpha Mortgage can connect you with licensed experts who specialize in RefiNow and Refi Possible 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.

Find the Perfect Mortgage for Your Dream Home with reAlpha Mortgage.

Compare options, calculate payments, and get expert guidance - all in one place.

Check if you qualify

• 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.
• reAlpha Mortgage, NMLS #1743790, is a licensed mortgage broker offering access to refinance products through a trusted network of third-party lenders.
• reAlpha is a homebuying platform that helps you save big — offering up to 75% of the buyer agent’s commission back when you bundle agent, mortgage, and title services. reAlpha is not a mortgage lender.

Refinancing doesn’t have to feel out of reach — and with reAlpha, saving big is just the beginning.

Through reAlpha Mortgage, you can qualify for programs like RefiNow and Refi Possible and stack major savings with our buyer rebate program:

✅ 25% commission rebate when you use a reAlpha agent

✅ 50% when you bundle with Mortgage

✅ 75% total when you include Title

That’s real cash back — enough to cover closing costs, inspection fees, or your first few mortgage payments.

Ready to refinance smarter? Let reAlpha Mortgage guide you every step of the way.

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.

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

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

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

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

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

Need help deciding? Reach out to realpha or reAlpha Mortgage today to learn more.

Find the Perfect Mortgage for Your Dream Home with reAlpha Mortgage.

Compare options, calculate payments, and get expert guidance - all in one place.

Check if you qualify