New Freddie Mac Mortgage Combines Purchase and Reno Loans
June 21, 2019
Freddie Mac has introduced the CHOICERenovation loan, which is designed for homebuyers seeking to purchase a home and finance the cost of renovations with a single-close mortgage.
The introduction of the CHOICERenovation mortgage is being positioned by Freddie Mac as a solution to “address the nation’s aging housing supply, support the need for affordable housing, and offer renovation, repair, improvement or refinance options to support the increasing demand for cost-effective financing solutions.” Freddie Mac also noted the renovation market has grown by 50 percent over the past decade, and the product can also be used to repair properties damaged by natural disaster.
“Research indicates a large number of older homes need repair and renovation, either to meet the needs of current owners or as a viable option for new homebuyers,” said Danny Gardner, Freddie Mac’s senior vice president, single-family affordable lending and access to credit. “The CHOICERenovation solution gives borrowers the opportunity to make improvements, renovations and upgrades to a home using a purchase or no cash-out refinance loan that will be eligible for sale to Freddie Mac. This provides the borrower with a convenient cost saving option for financing renovations.”
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