Last Modified for the First Quarter of 2023

The Refinance Test evaluates a borrower’s ability to successfully refinance a balloon balance at maturity. We're providing you with this tool to:

  • Make the test results transparent to you early in the underwriting process
  • Encourage discussion between you and our underwriting staff to assess your deal in relation to the test results

As always, when a loan does not pass the test, this is simply an indicator for you to discuss the parameters sooner with your underwriter. It does not necessarily mean Freddie Mac will not buy the loan.

Refinance Test and Tutorial
Refinance Test (Q1) Required for new loans, except Small Balance Loans, effective March 16, 2023
Refinance Test Tutorial How to use the Refinance Test
Entering Supplemental Loans into Refinance Test Tutorial Instructions for supplemental loans