The Freddie Mac Enhanced Relief Refinance℠ 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 Refinance℠ Mortgage (the Freddie Mac implementation of the Home Affordable Refinance Program® (HARP®). The note date of your loan being refinanced must be on or after October 1, 2017.
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 and provide additional flexibilities for mortgages with LTV ratios that exceed maximum limits for a “no cash-out” refinance offering.
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General eligibility restrictions apply:
- A conventional 15-, 20-, or 30-year fixed-rate mortgage.
- A conventional 5-year, 5/1, 7/1 or 10/1 ARM, provided the Mortgage being refinanced is an ARM, and except that a Mortgage secured by a Manufactured Home must not be a 5-year or a 5/1 ARM.
- No program expiration date.
- All occupancy types are eligible.
- LTV ratios that exceed the maximum LTV ratio limits for Freddie Mac standard “no cash-out” refinance mortgage (Note: due to the implementation of the Enhanced Relief Refinance offering, special requirements for “no cash-out” refinances owned or securitized by Freddie Mac, including the special LTV, TLTV and HTLTV limits will be retired at a later date).
- Lenders are not required to comply with standard waiting periods and re-establishment times for derogatory events (e.g., bankruptcy, foreclosure).