Freddie Mac Open Access: A Timely Refinance Solution
The government’s effort at affordable homes has seen several programs come up. One of this is the Freddie Mac open Access program. This is aimed helping families with Freddie Mac-backed loans to refinance their mortgages easily. This program has eligibility requirements and features that you need to know of.
Do You Qualify?
To qualify, you must meet the following requirements:
• You must be employed. The program offers full-documented loans.
• A full appraisal of the property is required.
• You must be current on your mortgage payments for the past 12 months.
However, some lenders have extra eligibility requirements which you need to be aware of.
What are the Program Features?
The loan comes with several features, most of which are dictated by your FICO score. These include:
• A recommended FICO score is 620+.
• A loan limit of $625,000.
• Your debt-to-income (DTI) ratio is as per loan prospector (LP) findings.
• If your score is 620 FICO, the maximum loan-to-value (LTV) ratio is 150 percent.
• If your score is 660 FICO, you enjoy unlimited LTV and no maximum DTI.
• For non-owner-occupied (NOO) and second properties, the maximum LTV is 125 percent.
• If you don’t have mortgage insurance (MI) on the current mortgage, you won’t have it on the new mortgage. If you are paying MI on the current mortgage, MI transfers are accepted.
• The maximum cap adjustment on a 30 year mortgage is .75 percent. There are no adjustments for 15-20 year fixed-rate mortgages.
How can we Help?
At Centex Capital, we take the responsibility of making sure you get the financing you need. Our team of experts have the knowledge and experience in offering open access programs. This team will work with you to make sure you get the right loan for your needs.
Contact us for more information. Email us or call us at (800)842-2910.