Freddie Mac offers an excellent product to help new home buyers and current homeowners finance the renovations of their dreams. The loan can cover a wide range of projects and property types. Let us look at how you can benefit from this program whether you are a new home buyer or a current homeowner.
Freddie Mac CHOICERenovation Loan for New Home Buyers
The housing market can be extremely competitive. Having the knowledge that many other potential buyers do not have is a huge advantage. For example, many buyers would just move on from properties that would be considered a “fixer-upper”. However, by knowing about the CHOICERenovation program, you can envision the property with the upgrades while knowing that there is an option to finance up to 75% of the renovation cost.
Freddie Mac CHOICERenovation Loan for Current Homeowners
Current homeowners have many different options with this loan program. The most common use of this loan is to finance the renovations you have been dreaming of. This can be a part of a refinance transaction as well if you want to take advantage of lower rates and bundle the renovations into the new mortgage. Another option is to finance repairs after your home has been damaged by a storm. An especially unique feature is that current homeowners in natural disaster-prone areas can finance property upgrades such as flood walls or other protective structures. Normally these types of loan programs will only finance renovations that will be attached to the home. Whichever way you decide to utilize the loan, it can finance up to 75% of the “as completed” value of the property.
What Projects The Freddie Mac CHOICERenovation Loans Can Finance:
- New Patios
- New Decks
- Kitchen Remodels
- Bathroom Remodels
- New Appliances (First Time Home Buyers Only)
- Storm Damage Repair (Current Homeowners Only)
- Natural Disaster Protection Structures (Current Homeowners Only)
- And Many More!
Properties Eligible for The Freddie Mac CHOICERenovation Loans
- 1-4 unit primary residence
- Second home
- Manufactured homes
- 1-unit investment property
- Units located in PUDs, condominiums, cooperatives (if permitted), or leasehold estates
Through working with Mr. Renovation, many people have taken advantage of this great opportunity in many ways. Contact Mr. Renovation today if you have any questions or would like to get the process started.