What is the difference between RefiNow and Refi Possible?

They are essentially the same program under different names: RefiNow is Fannie Mae’s, Refi Possible is Freddie Mac’s. Which one you use depends on which agency owns your existing loan.

How do I know if I qualify?

Your existing loan must be owned by Fannie Mae (RefiNow) or Freddie Mac (Refi Possible) — check their free lookup tools — and your income generally must be at or below a set percentage of your area’s median income, among other criteria.

Do these programs have a minimum credit score?

RefiNow does not impose a program-level minimum credit score, though individual lenders may apply their own standards. The programs are designed to reduce barriers for lower-income borrowers.

What is the difference between RefiNow and Refi Possible?

They are essentially the same program under different names: RefiNow is Fannie Mae’s, Refi Possible is Freddie Mac’s. Which one you use depends on which agency owns your existing loan.

How do I know if I qualify?

Your existing loan must be owned by Fannie Mae (RefiNow) or Freddie Mac (Refi Possible) — check their free lookup tools — and your income generally must be at or below a set percentage of your area’s median income, among other criteria.

Do these programs have a minimum credit score?

RefiNow does not impose a program-level minimum credit score, though individual lenders may apply their own standards. The programs are designed to reduce barriers for lower-income borrowers.

RefiNow and Refi Possible: Refinance Programs Built for Moderate Incomes

Fannie Mae's RefiNow and Freddie Mac's Refi Possible are sibling programs created for a specific unfairness: the households who would benefit most from refinancing were historically the least likely to complete one. Both programs target borrowers with incomes at or below area-median thresholds and streamline the path to a cheaper loan — with guardrails that require the refinance to actually help.

The idea both programs share

Each requires a tangible benefit — a meaningful rate reduction and a lower monthly payment — so the program can't be used to churn a loan sideways. Each is built for existing agency loans with solid payment history, works with income limits tied to your area's median income, and layers in flexibilities designed to remove the classic barriers: appraisal costs (with appraisal waivers or credits where eligible), debt-to-income edge cases, and paperwork friction. Terms and enhancements have evolved since launch, so eligibility is a today-question we check against current guidelines, not a brochure-question.

Who should look

Homeowners with an existing conventional agency loan, on-time recent history, and a rate meaningfully above today's market — especially households whose income sits near or below their area's median, which in practice includes an enormous share of Florida homeowners. If you were quoted a refinance once and the closing costs killed the math, these programs exist specifically to re-run that math with lighter friction.

What the review looks like with us

Ten minutes of facts: current loan, current rate, income, and address. We check whether your loan is agency-owned (a lookup, not a mystery), test the income limit for your county, and price the benefit both inside and outside the program — because sometimes a standard refinance beats the special program, and the only loyalty in the file is to your number.

Frequently asked questions

How do I know if Fannie or Freddie owns my loan?

Each agency provides a loan-lookup tool, and we run it as step one. Servicer name on your statement is not the answer — servicing and ownership are different things.

What if my income is above the limit?

Then these two programs aren't your lane — but a conventional rate-and-term refinance might be. The limit gates the program, not the goal.

Do these programs allow cash out?

No — they're rate-and-term tools for lowering the payment. Cash-out follows standard program rules and math.

This article is for general educational purposes and is not financial, legal, or tax advice, nor a commitment to lend or an offer of any specific rate or term. Program availability and requirements change — verify current terms. MortgageQuote.com · New Century Financial Mortgage, LLC · NMLS #1967971. Equal Housing Opportunity.