0: Amount that Freddie Mac is factoring in credit score for refinancing. In early January the GSE announced that it would eliminate the minimum credit score requirement for borrowers wanting to refinance (it used to require a minimum score of 620). However, Freddie is still requiring at least 20 percent equity in the home. Fannie Mae recently removed the requirement that lenders determine a borrower’s ability to repay before refinancing in an effort to help more underwater borrowers refinance and stay current on their mortgages.