CHOICEReno eXPress® mortgage, an expansion of the Freddie Mac CHOICERenovation® mortgage, is a new streamlined renovation mortgage that enables you to offer an additional financing option for borrowers who are looking to finance smaller-scale home renovations. Lenders can sell a CHOICEReno eXPress mortgage to Freddie Mac prior to completion of the renovations without recourse, provided:
 
Sellers rep and warrant that the renovations are completed within 180 days of the note date, and
  • For CHOICEReno eXPress mortgages located in designated Duty to Serve high-needs areas, the total cost of the financed renovations should not exceed 15% of the value for purchase transactions and “no cash-out” refinance mortgages.
  • For CHOICEReno eXPress mortgages not in Duty to Serve high-needs areas, the total cost of the financed renovations should not exceed 10% of the value for purchase transactions and “no cash-out” refinance mortgages.
With CHOICEReno eXPress, you can offer a wide range of borrowers the ability to finance home repairs and help them attain and maintain affordable and sustainable homeownership.