CHOICEHome® Mortgage
CHOICEHome® is our innovative, affordable mortgage initiative, offering conventional site-built financing for real-property factory-built homes, that are built to the HUD Code and have the features of a site-built home. When a factory-built home meets certain prescribed specifications, it is granted CHOICEHome certification and is eligible for CHOICEHome financing.
CHOICEHome mortgages secured by manufactured homes help you take advantage of additional options and flexibilities to finance factory-built housing and bring more borrowers to the table. You also have the benefit of site-built underwriting and collateral flexibilities and expanded lending opportunities to borrowers with moderate-incomes.
Disclaimer
The information on this page is not part of, and is not a replacement or substitute for, the requirements found in the Freddie Mac Single-Family Seller/Servicer Guide and your other Purchase Documents.
Product Features
- Property Type/Eligible Properties
- 1-unit, factory-built HUD-code home
- Primary residence
- Designed as a single-section or multi-section property
- Meets Freddie Mac CHOICEHome or Fannie Mae MH Advantage® minimum specifications.
- Eligible Mortgage Products
- Fixed-rate mortgages
- 5/5, 5/1, 7/1, 10/1, 5/6-Month, 7/6-Month or 10/6-Month ARM; provided, however, Freddie Mac Home Possible® and Freddie Mac HomeOne® Mortgages must be fixed-rate Mortgages.
- Mortgages secured by a CHOICEHome subject to resale restrictions are eligible for purchase
- Transaction Type
- Purchase
- No cash-out refinance
- If mortgage proceeds are used to replace an Interim Construction Financing, the transaction must meet the requirements of Guide section 5703.12.
- Maximum LTV Ratios
- 95% LTV/TLTV/HTLV
- 97% LTV, 105% TLTV with an affordable second (Home Possible® and HomeOne®)
- Execution Options
Cash, Guarantor, and MultiLender
*Cash Released XChange is not available for CHOICEHome properties in Connecticut and New York
- Credit Fees
Manufactured home credit fee in price is waived for a CHOICEHome® mortgage
- Delivery Requirements
- Investor Feature Identifier: J15
- Construction Method Type: Manufactured
- Manufactured Home Width Type: Single-section or Multi-section
- Loan Manual Underwriting Indicator: False
- Eligible Offerings
Some included offerings are Home Possible®, HomeOne®, HeritageOne®, CHOICEReno® and Construction Conversion mortgages.
Growing Your Business
From valuable training and networking events to advanced tools and applications that help you work smarter, Freddie Mac has the resources you need to expand into new markets and grow your revenues.
CHOICEHome® Mortgage Requirements in the Single-Family Seller/Servicer Guide
Resources for Borrowers
Reaching and educating borrowers – and helping them find the right mortgage – is essential for your business. Freddie Mac provides an array of materials you can share with your clients and business prospects.