Purchase or rate/term refinance and finance renovations in one conventional mortgage — primary, second home, or investment property, with pools allowed and LPA Accept underwriting.
Freddie Mac rehab
Up to 97% LTV · $100k min loan
5 draws + final 1004D · consultant only in AK, CA, HI, NY
Home Possible® eligible?
Freddie Mac CHOICERenovation® can be paired with Freddie Mac Home Possible® for eligible borrowers — 3% down on a 1-unit primary with income limits and standard LPA Accept underwriting.
A conventional renovation loan that allows borrowers to purchase or refinance a home and finance renovation costs into a single mortgage — from cosmetic updates through structural work. Freddie Mac CHOICERenovation® supports single-close financing sized on after-improved value.
When you qualify for Home Possible®, Freddie Mac CHOICERenovation® can be combined for eligible primary-residence purchases at up to 97% LTV. Ryan and Steve run your file through Loan Product Advisor for an Accept recommendation — manual underwriting is not permitted.
1–4 unit primary residence
1-unit second home
1-unit investment property
1-unit doublewide manufactured homes
PUDs (planned unit developments)
Loan Product Advisor Accept required. Manual underwriting is not permitted on Freddie Mac CHOICERenovation®.
$100,000 minimum total loan amount including acquisition and renovation escrow.
Per current FHFA conforming loan limits for the county and unit count.
Loan-to-value limits by occupancy, unit count, and transaction type. Investment refinance stays at 85% — not 75%.
Purchase
| Primary — Home Possible eligible | 97% |
| Primary — 1-unit owner-occupied | 95% |
| Primary — 2-unit owner-occupied | 85% |
| Primary — 3–4 unit owner-occupied | 80% |
| Primary — manufactured home | 95% |
| Second home | 90% |
| Investment property | 85% |
Rate/Term Refinance
| Primary — Home Possible eligible | 97% |
| Primary — 1-unit owner-occupied | 95% |
| Primary — 2-unit owner-occupied | 85% |
| Primary — 3–4 unit owner-occupied | 80% |
| Primary — manufactured home | 95% |
| Second home | 90% |
| Investment property | 85% |
No minimum renovation amount required.
Renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs, or as-completed appraised value.
Refinance: renovation costs cannot exceed 75% of as-completed appraised value.
Manufactured: lesser of $50,000 or 50% of as-completed appraised value.
Consultant required only in Alaska, California, Hawaii, and New York.
One general contractor with specialty contractors as needed. Five draws plus final inspection (1004D), 10% holdback per draw, and up to 50% material advance on initial draw.
Renovations must be completed within 15 months after closing. Up to 6 months of PITI may be financed if the property is uninhabitable.
Freddie Mac CHOICERenovation® only
Locked to Freddie Mac CHOICERenovation® rules — occupancy and unit-count LTV, Home Possible 97%, $100,000 minimum, 75%/50% repair caps, and investment refi at 85%.
Freddie Mac CHOICERenovation® rules applied
$17,500 down
Estimated Monthly Payment
$3,459
Rehab escrow breakdown
This calculator is for informational purposes only. Results are estimates and are not exact — they do not include all closing costs, prepaid interest, or escrow deposits. Contact us for a personalized quote.
Freddie Mac CHOICERenovation® is a registered trademark of Freddie Mac. Home Possible is a registered trademark of Freddie Mac. All loans are subject to credit and property approval. Program guidelines, LTV limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Freddie Mac, Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.
Mortgage Knowledge Center
Deep-dive guides on what Freddie Mac CHOICERenovation® is, who qualifies, borrowing power, occupancy, contractors, fund draws, appraisals, timelines, documents, and more.
Ryan and Steve will review your property, contractor bids, and credit profile — then compare Freddie Mac CHOICERenovation® with HomeStyle and FHA 203(k) so you pick the cleanest path.