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.”