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CHOICE RENOVATION®
Loans
Freddie Mac’s CHOICERenovation® loan program is perfect for funding home purchases with renovations estimated to take 9 months to 1 year.
Take a look at some of the program features below to see if CHOICERenovation® is a good fit for you! Ask about our Streamline version of this product as well.
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FEATURES:
- No Minimum Repair Amount
- Maximum Repair Amount: 75% of as improved appraised value. The lesser of $50,000 or 50% of the as-completed value for manufactured home.
- Renovation Duration: 365 days from the Note Date
- Swimming Pool Construction Allowed
- Structural & Non-Structural Repair
RESIDENCY TYPES:
- Primary Residence
- Second Home Single Family Investor
LOAN TYPES:
- First-Time Homebuyer
- Purchase
- Refinance
- Renovation
- Investment
PROPERTY TYPES
- Single family residences
- 1-4-unit primary residence
- 1-unit second home
- 1-unit investment property
- Manufactured homes (doublewide or greater)
- Planned Unit Developments (PUDs)
- Warrantable Condominiums