You heard correct. You now have more options for rehabilitation financing. Freddie Mac just launched the CHOICERenovation loan. You can now combine your home and renovation loan together when you choose Freddie Mac during your home purchase. This loan is the perfect loan to purchase that less than perfect home.
With most existing homes aging at 20+ years or more, repairs or moderate updating is to be expected. Whether you own an existing home that has taken weather related hits or you’re a first-time homebuyer who is drawn to fixer uppers, this may be the loan for you. A one-time close and low-down payment requirement make this product even more appealing.
With the ability to borrow up to 75% of the homes after improvements value, the opportunities are almost limitless. This is an ideal option for the millennial buyer in search for their first home. Homes in less than perfect condition can often be bought for a bargain, and now it’s even easier to customize your home to meet the needs of your family.
Do you live in an area prone to inclement weather? Thousands of homes are lost every year due to natural disasters, but with the proper preparation, they will have a much better chance of lasting through the storm. Storm surge barriers, retaining walls or even foundation retrofitting are examples of projects you could consider with this great product.
Whether you’re refinancing or purchasing, this program is the perfect opportunity for homeowners renovate and save at the same time.
Contact one of our trusted lenders to learn more about this type of loan to see if it’s something that’d be a good fit for you!