Just this past year, the Federal Housing Agency (FHFA) released the Freddie Mac Enhanced Relief Refinance (FMERR), and homeowners are loving it! Through this new program, qualifying homeowners can lower their interest rate, shorten their loan term, or replace their adjustable rate mortgage with a fixed-rate mortgage. This means they can spend less money on mortgage payments each month, pay off their loan faster, build their equity faster, or have more stability in their loan’s interest rate! And even better – there’s no minimum credit score required!
A Replacement for HARP
The Home Affordable Refinance Program (HARP), which helped millions of homeowners to refinance, expired at the end of 2018, creating an opening for a new program to take its place. FMERR is very similar to HARP, although its requirements vary a little. Read on to learn more!
Do you qualify to take advantage of FMERR? Ask yourself these questions:
• Is your mortgage owned by Freddie Mac? (If you’re not sure, you can use the Loan Look-Up Tool on Freddie Mac’s website.)
• Was your mortgage originated after October 1, 2017?
• Have you had your mortgage for 15 months or longer?
• Do you not have enough equity to qualify for other refinance programs?
• Are you current on your mortgage payments?
If you said yes to these questions, you may qualify! Check now to see if FMERR can benefit you!
No Maximum LTV Ratio, No Minimum Credit Score!
FMERR is designed to help homeowners who are responsible in making their mortgage payments, but don’t have a lot of equity in their home. This means you can owe more than what your home is worth and can still qualify! There’s no maximum loan-to-value (LTV) ratio! FMERR also doesn’t have any minimum credit score requirements.
Is FMERR Right for You?
If you’re looking to save money each month by lowering your interest rate and monthly payment, if you want to shorten your loan term and pay off your loan faster, or if you have an adjustable-rate mortgage and want to switch it to a fixed-rate mortgage, FMERR may be right for you! Find out today if you qualify!