Enhanced Relief RefinanceSM Mortgage
Available for mortgages with application received dates on or after November 1, 2018. For more information, read Freddie Mac Single-Family Seller/Servicer Guide Bulletin
The Freddie Mac Enhanced Relief RefinanceSM Mortgage provides opportunities to borrowers with existing Freddie Mac mortgages who are making timely payments, but are unable to take advantage of the standard Freddie Mac "no cash-out" refinance offering because the new mortgage exceeds maximum loan-to-value (LTV) limits.
This offering builds on the Freddie Mac Relief RefinanceSM Mortgage (the Freddie Mac implementation of the Home Affordable Refinance Program® (HARP®). Relief Refinance Mortgages – Same Servicer and Open Access which has been extended to allow application received dates on or before December 31, 2018 and settlement dates on or before September 30, 2019.
Enhanced Relief Refinance Mortgages are:
- Subject to minimum LTV ratios.
- Available to Sellers regardless of whether they are also the current Servicer of the mortgage being refinanced.
|Mortgage Being Refinanced – Eligibility Requirements|
|Mortgage Requirements||Detailed requirements for Enhanced Relief Refinance Mortgage can be found in the Single-Family Seller/Servicer Guide (Guide) Chapter 4304.
The mortgage being refinanced must:
|Mortgage Payment History||
The following mortgage types are ineligible:
|Minimum LTV Ratios||Occupancy||Number of Units||Minimum LTV Ratio|
|Primary Residence||1-unit (including manufactured homes)||97.01%|
(including manufactured homes)
|2- to 4-unit||75.01%|
|Maximum LTV Ratios||
|Use of Mortgage Proceeds||
Enhanced Relief Refinance helps you:
- Meet the needs of borrowers who are making timely mortgage payments but have been unable to refinance due to declining property values.
- Take advantage of expanded refinancing opportunities.
- Provide additional flexibilities for mortgages with LTV ratios that exceed maximum limits for a “no cash-out” refinance offering.
Enhanced Relief Refinance helps your borrowers:
- Refinance into a more stable and sustainable mortgage that promotes long-term homeownership success.
- Take advantage of expanded LTV ratios for mortgages.
- Potentially reduce principal and interest payment.
For More Information
- Contact your Freddie Mac representative.