Skip to main content

Plaza Home Mortgage Now Offering Freddie Mac’s CHOICERenovation Loans

NationalMortgageProfessional.com
Aug 02, 2019
Plaza Home Mortgage Inc. has named Michelle Richardson senior vice president of treasury and finance, responsible for Plaza’s Treasury Department, including warehouse relationships, cash management and the company’s Corporate Funding Department

Plaza Home Mortgage will be the first TPO lender to offer the program.

Plaza Home Mortgage has announced that it will be the first TPO lender to offer Freddie Mac’s CHOICERenovation loan program, providing homebuyers with the flexibility to use one loan to purchase a home and finance the cost of renovations. It can also be used by homeowners looking to refinance and do home improvements and/or repairs.
 
The CHOICERenovation program is offered through Plaza’s wholesale and correspondent channels and covers a variety of property types including: One- to four-unit primary residences, manufactured homes, one-unit second homes and one-unit investment properties. In addition, homebuyers can buy and repair distressed properties after a natural disaster or finance renovations that will prevent future disaster-related damage, such as storm surge barriers. All CHOICERenovation loans are subject to Loan Product Advisor approval.
 
“Increasingly homebuyers are finding limited, often less-than-ideal, options due to tight inventory. Buying and simultaneously renovating is becoming a popular strategy to counter this problem,” said Mike Fontaine, chief operating officer and chief financial officer of Plaza Home Mortgage. “A CHOICERenovation mortgage is a flexible, efficient and convenient solution for first-time homebuyers looking at fixer-uppers; baby boomer owners renovating to age in place; single-family investors; or homeowners whose properties are just in need of some updating and customization. By utilizing Loan Product Advisor, CHOICERenovation expands conventional renovation options and is a perfect complement to Plaza’s existing line of renovation offerings.”

 
Published
Aug 02, 2019
More from
Renovation
Poor Market Conditions Make Real Estate Investors Turn Sour

48% of investors believe that the investment market is worse or much worse than it was one year ago.

Analysis and Data
Sep 29, 2021
The Fix Is In For Experienced Flippers

Knowledgeable Investors Have The Advantage Over Newbies In Pandemic Housing Market

Investor Loans
Sep 24, 2021
Are Originators Overlooking The Remodeling Sector?

Freddie Mac sees it. The Harvard Joint Center recognizes it. And at least one giant bank is on to it, too. The question is: Are you?

Renovation
Sep 20, 2021
First-Time Homebuyers Face Unrelenting Pressure In High-Cost Market

First-time homebuyers Ben and Dani Graf decided to go $65,000 over budget on a house that was in serious need of renovations. 

Analysis and Data
Jul 27, 2021
AFR Adds the USDA Renovation Program to Its Suite of Renovation Programs

Eligible homebuyers can combine the purchase of a home with the cost of renovations.

Rural Lending
Jan 17, 2020
Study: Most Homeowners Planning Renovations They Cannot Afford

The majority of homeowners carrying significant debt are planning to undertake home renovations, even though this stretches their budget beyond the fraying point.

Renovation
Aug 13, 2019