CHOICEReno eXPress® Mortgage
- 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.
Who is CHOICEReno eXPress for?
- Borrowers looking to finance relatively small-scale renovations
- Homeowners who need financing to make home improvements or repairs to their existing properties or a home they intend to purchase.
- Homeowners and borrowers who want to use the mortgage proceeds to pay for the renovations
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.
CHOICEReno eXPress® – Our Solution for Small-Scale Home Renovations
- Eligible Mortgage ProductsFixed rate and adjustable rate mortgages
- Fixed-rate and adjustable-rate mortgages
- Freddie Mac Home Possible® mortgages
- Freddie Mac HomeOne® mortgages
- Freddie Mac HFA Advantage® mortgages
- Super conforming mortgages
- Delivery Requirements
- Final inspection (442)
- Delivered with IFI codes
- Proof of first lien position
- Property Type/Eligible Properties
1-4-unit primary residence
- Manufactured homes, including manufactured homes that are certified CHOICEHome® (if permitted under the seller’s purchase documents)
- 1-unit second homes
- 1-unit investment property
- Units located in planned unit developments (PUDs), condominiums, cooperatives (if permitted under the seller’s purchase documents) or leasehold estates are acceptable
- Maximum LTV Ratios
- (FRM/ARM), First-Time Homebuyers Program (FTHB) if >95% HomeOne only; 97% Home Possible® only
- 2-unit primary: 85% (FRM/ARM)
- 3- and 4-unit primary: 80% (FRM/ARM)
- 1-unit second home: 90% (FRM/ARM)
- 1-unit investment properties: 85% (FRM, 7/1, 10/1, 7/6-Month and, 10/6-Month ARMs)
- Manufactured home 95%/95%
- TLTV to 105% with Affordable Seconds (only with Home Possible and HomeOne)
- Limited to Loan Product Advisor® (LPA℠) only
- Transaction Type
- No cash-out refinance (NCOR)
CHOICEReno eXPress Benefits
Check out the benefits of leveraging our new streamlined renovation mortgage option that enables borrowers to finance small-scale renovations.
Side-by-side Comparison: Freddie Mac CHOICERenovation mortgage and CHOICEReno eXPress mortgage
Learn more about the features of both of our renovation mortgage offerings - CHOICERenovation and CHOICEReno eXPress.
CHOICEReno eXPress® FAQ
Get answers to frequently asked questions on CHOICEReno eXPress financing, requirements, eligibility and more.
CHOICERenovation® allows lenders to deliver loans to Freddie Mac where the borrower uses the loan proceeds to pay for the renovations.
CHOICERenovation® Mortgage: Three Options
Learn about the 3 options available with this offering: Renovations can be completed before or after the mortgage is sold to us, including CHOICEReno eXPress℠
CHOICERenovation: Eligible Renovations Learning Clip
Learn about some of the renovations that can be completed to a property with an existing dwelling using this offering.
Rural Residents Say Their Homes Cause Health Concerns—Renovation Loans Can Help
Younger rural residents feel their homes affect their physical health and stress. What are their main concerns and how can renovation funding help them live more comfortably and healthfully?
Another Active Hurricane Season? Help Homeowners Prepare.
Since experts anticipate another above-normal hurricane season, it’s critical that the mortgage industry have frequent conversations with homeowners about the advantages of renovations to reduce the impact of storm damage.
Concentration of Aging Homes in Lower-Income Areas Underscores Need for Mortgage Innovation
More than half of U.S. homes are over 40 years old and concentrated in minority or moderate- to low-income neighborhoods in urban areas. How can lenders make it more economical to rejuvenate these aging houses?
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.
The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low-to low-income borrowers attain the dream of owning a home with a down payment as low as 3%.
Available to qualified first-time homebuyers for a low down payment of just 3%, HomeOne® serves the needs of many first-time homebuyers.
Super Conforming Mortgages
Freddie Mac's super conforming mortgages are mortgages originated using higher maximum loan limits that are permitted in designated high-cost areas.