What Is CHOICERenovation?
CHOICERenovation is Freddie Mac's conventional renovation mortgage. Like Fannie Mae's HomeStyle, it lets you finance the purchase (or refinance) and renovation in a single loan without FHA insurance. What sets it apart is the ability to finance disaster resilience improvements — storm shutters, foundation reinforcement, fire-resistant materials — as part of the renovation budget.
The program covers primary residences, second homes, and 1-unit investment properties. Renovation costs can be up to 75% of the as-completed appraised value, and work must be completed within 12 months.
Resilience matters: In hurricane, wildfire, and flood zones, resilience upgrades can reduce insurance costs by 20-40%. CHOICERenovation lets you finance those upgrades in the mortgage instead of paying out of pocket.
Who CHOICERenovation Is For
- Buyers wanting conventional renovation financing via Freddie Mac
- Homeowners in disaster-prone areas who need resilience improvements
- Second home and investment property owners doing renovations
- Borrowers who want to avoid FHA insurance
Key Features
Minimum 660 credit score. Down payment as low as 3% for primary (5% second homes, 15-20% investment). Renovation costs up to 75% of as-completed value. 12-month completion window. Resilience improvements eligible. Conventional PMI cancels at 80% LTV.