You can combine the CHOICERenovation loan program with Freddie Mac’s Home Possible, HomeOne and super conforming mortgages. Homeowners also can use this loan to harden their homes against natural disasters-by retrofitting a foundation or adding retaining walls, for example-or to repair a disaster-damaged home. In a press release, Freddie Mac said it added this loan program to help improve the nation’s aging housing stock and create more affordable housing options. What Is the CHOICERenovation Loan?įreddie Mac’s CHOICERenovation loan first became available in June 2019. Do you want to buy a home where your children can grow up alongside their grandparents, but can’t find the right property in your price range? Are you young and single, and the only homes you can afford are fixer-uppers? These are just two of the many scenarios where a home renovation mortgage can do a lot of good.
Freddie Mac’s CHOICERenovation loan lets you buy a home and pay for repairs and upgrades with a single home loan.
