Freddie Mac CHOICERenovation® Guide

What Types of Properties Are Eligible for a Freddie Mac CHOICERenovation® Loan?

Freddie Mac CHOICERenovation® finances 1–4 unit primary residences, 1-unit second homes, 1-unit investment properties, doublewide manufactured homes on permanent foundations, and PUDs — with occupancy and unit-count rules that change LTV and reserves.

Get Pre-Approved Freddie Mac CHOICERenovation® Overview

Eligible Property Types

The property must be financeable on conventional Freddie Mac terms before renovation escrow is added.

1–4 unit primary residence

1-unit second home

1-unit investment property

1-unit doublewide manufactured home on permanent foundation

PUDs (planned unit developments)

Occupancy & Unit Count Change the Rules

The same property type can qualify under different down payment, LTV, and reserve requirements depending on how you will use it.

Occupancy / units	Max purchase LTV	Min down
Primary — Home Possible (1-unit)	97%	3%
Primary — 1-unit standard	95%	5%
Primary — 2-unit	85%	15%
Primary — 3–4 unit	80%	20%
Second home (1-unit)	90%	10%
Investment (1-unit)	85%	15%

Manufactured Home Notes

Doublewide manufactured homes on permanent foundations may qualify for Freddie Mac CHOICERenovation® when they meet Freddie Mac guidelines — but repair limits are tighter than site-built homes.

Max purchase LTV95%

Repair capLesser of $50,000 or 50% ARV

FoundationPermanent foundation required

Common Property Red Flags

Issues that can block Freddie Mac CHOICERenovation® even when the property type is otherwise eligible.

Non-warrantable condo project

HOA litigation, high investor concentration, or deferred maintenance can stall conventional condo approval.

Scope exceeds repair caps

Purchase repairs capped at 75% of the lesser of price plus rehab or ARV; manufactured capped at $50k or 50% ARV.

Unrealistic after-improved value

The appraisal must support the post-renovation value — over-scoping relative to the neighborhood kills the file.

Ineligible occupancy mix

Second home and investment are limited to 1-unit properties — you cannot use Freddie Mac CHOICERenovation® on a 2-unit investment.

Keep Exploring

Related Freddie Mac CHOICERenovation® guides and renovation programs to compare before you apply.

Who Qualifies for Freddie Mac CHOICERenovation®?

Credit, LTV, and occupancy rules that pair with property eligibility.

What Is Freddie Mac CHOICERenovation®?

How the Freddie Mac renovation mortgage works.

Freddie Mac CHOICERenovation® Down Payment

How occupancy and unit count change cash required.

Freddie Mac CHOICERenovation® Program Hub

Full overview with primary, second home, and investment notes.

What Homes Qualify for Renovation Loans?

Cross-program property eligibility for FHA, HomeStyle, and Freddie Mac CHOICERenovation®.

Renovation Loans

Compare all purchase-plus-rehab options.

Frequently Asked Questions

Can I use Freddie Mac CHOICERenovation® on a condo or PUD?

Yes. Planned unit developments and warrantable condos qualify when the project meets Freddie Mac review — we verify HOA and project status before you offer.

Are manufactured homes eligible?

1-unit doublewide manufactured homes on a permanent foundation may qualify when they meet Freddie Mac manufactured housing guidelines. Repair caps are tighter — lesser of $50,000 or 50% of after-improved value.

Can I buy a duplex with Freddie Mac CHOICERenovation®?

Yes when you occupy one unit as your primary residence. 2–4 unit owner-occupied properties follow conventional multi-unit rules with higher down payment and reserve expectations.

Can Freddie Mac CHOICERenovation® finance an investment property?

Yes. 1-unit investment properties are eligible when you meet 15% down on purchase and LPA Accept underwriting. Investment refinance stays at 85% LTV.

Found a Property You Want to Renovate?

Ryan & Steve verify property type, occupancy, and repair scope against Freddie Mac CHOICERenovation® guidelines before you write an offer.

Get Pre-Approved Back to Freddie Mac CHOICERenovation®

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.

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