Freddie Mac CHOICERenovation®

CHOICERenovation® provides cost-effective renovation mortgage financing for eligible borrowers. Great for fixer-uppers or older homes that need updating!

Freddie Mac’s CHOICERenovation® allows eligible borrowers to combine the cost of a home purchase or refinance with the cost of renovations into a single mortgage closing. The loan amount is based on the “as-completed” value of the home. There are no required improvements or minimum dollar amount for the repairs. Repairs or improvements, however, must be permanently affixed to the real property and add value to the property.

A CHOICERenovation mortgage may not be used for complete tear-down and reconstruction of the dwelling. Repairs must be non-structural and cosmetic in nature, not exceed $200,000 and home must be habitable during renovation.  Renovations greater than $35,000 require the use of a HUD Consultant and prior management approval.

• Renovations and repairs up to $200,000
• 620 minimum qualifying credit score
• Maximum LTV up to 97%
• Can be combined with Home Possible®, HomeOne, and super-conforming mortgages
• There maybe a period during renovation where the home may be uninhabitable as determined by the HUD Consultant
• Repairs must be non-structural (see ineligible repairs on program matrix)
• Eligible property types:
  • 1-4 Unit Primary Residences
  • 1-Unit Second Homes
  • 1-Unit Investment
  • PUD’s
  • Multiwidth Manufactured Homes
  • Approved Condos