Freddie Mac CHOICERenovation® allows 15 months after closing to finish financed work — your commitment letter sets the exact clock. Scope, permits, five draw inspections, and contractor capacity determine whether that window feels comfortable or tight.
A practical sequence that keeps five draws and the 15-month deadline aligned.
01
Loan closes; rehab dollars, contingency, and draw fees sit in escrow ready for approved draws.
02
One general contractor locks permits, materials, and start dates against the written completion window.
03
Up to five draw inspections release payments as work matches the bid package — with a 10% holdback.
04
Final inspection clears remaining escrow before the 15-month deadline expires.
Permit offices, material lead times, weather, and inspector availability often matter more than the contractor’s optimistic start date. Freddie Mac CHOICERenovation®’s five-draw structure plus final 1004D means you need inspection slots booked into the plan — not as afterthoughts.
If the home is uninhabitable, you may finance up to six months of PITI inside the loan — but that reserve does not extend the 15-month completion clock. Scope discipline still wins.
Ryan and Steve map draw milestones against your contractor’s calendar before closing so the 15-month window is a plan, not a surprise.
Submit permit packages before closing when possible so work can start immediately after funding.
10% minimum (15% if utilities are off) buys time for unexpected repairs without derailing draws.
Lender-approved change orders take time — request them before the schedule is already tight.
Related guides for draws, contractors, appraisal, and buy-and-renovate sequencing.
Five draws plus 1004D that must fit the completion window.
Vendors who own the construction calendar.
After-improved value tied to the finished scope.
Cross-program completion windows.
Purchase-plus-rehab from closing to final draw.
Full program overview and guide directory.
Freddie Mac CHOICERenovation® requires all financed work to be completed within 15 months after closing. Smaller scopes may finish much sooner; larger gut remodels need a realistic calendar from day one. Your commitment letter and lender overlays control the exact deadline.
Extensions are sometimes available when delays are documented — permits, materials, weather, or inspector backlogs — but they are not automatic. Request updates before the original deadline passes.
Once the loan closes and rehab funds are in escrow, the licensed general contractor can typically begin against the approved scope. Do not start financed work before closing unless the lender has approved a specific exception.
Unfinished scopes can stall final draw release, trigger lender remediation plans, or require borrower-funded completion. Plan contingency and contractor schedules against the written 15-month window.
Ryan & Steve will map five draws, holdbacks, and your completion deadline around your general contractor’s real schedule.
Freddie Mac CHOICERenovation® 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.