Freddie Mac CHOICEReno mortgage program details, including maximum LTV of 97%, minimum FICO score of 620, eligible property types such as single family, condos, townhomes, multi-units, and manufactured homes, and occupancy types including primary, secondary, and investment properties. Loan terms range from 8 to 30 years with 1-year increments, allowing renovation costs to be included in the mortgage amount.

Unlocking the Benefits of CHOICEReno

Key Loan Details

  • Purchase or Refinance - You can buy a home that needs repairs, or remodel your current home.

  • Allows Renovation Costs to be Financed: Maximum renovation funds can be up to 75% of the “as completed” value!

  • CHOICEReno eXPress: A streamlined option for borrowers looking to finance small-scale renovations.

  • Combine With HomePossible: You can combine the renovation loan with the affordability program.

  • Funding Sources: Down payments and closing costs can be covered through gifts, grants, or Community Seconds®, with no minimum personal contribution required.

  • Investment Opportunity: CHOICEReno can also be used for investment properties.

  • Overcoming Obstacles: Even if a property is not perfect or there are eligibility issues, CHOICEReno can help you overcome these obstacles and turn the property into what you need.

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