Refinance and renovate with Freddie Mac CHOICERenovation® — rate/term only, after-improved appraisal, 75% repair cap, primary, second home, or investment.
Freddie Mac CHOICERenovation® Rate/Term Refinance | The 2 Mortgage Guys
Refinance and renovate with Freddie Mac CHOICERenovation® — rate/term only, after-improved appraisal, 75% repair cap, primary, second home, or investment.
Can I Refinance My Current Mortgage With a Freddie Mac CHOICERenovation® Loan?
Refinance-and-Renovate in One Note
At a Glance
When a Freddie Mac CHOICERenovation® Refinance Makes Sense
Rate/Term Refinance LTV Snapshot
Keep Exploring
Frequently Asked Questions
Thinking About a Refinance-and-Renovate?
Yes. Freddie Mac CHOICERenovation® supports rate-and-term refinance so you can replace your existing mortgage and roll eligible renovations into one new conventional loan — sized on after-improved value with rehab funds held in escrow. Cash-out is not available.
If you already own the home and have equity, Freddie Mac CHOICERenovation® refinance can fund kitchens, systems, additions, pools, and other eligible work without a separate personal loan or waiting to save cash for every phase.
Underwriting still follows conventional refinance rules — credit, income, occupancy, and LTV — plus renovation documentation: contractor bids, after-improved appraisal, LPA Accept, and a 15-month completion timeline.
Ryan and Steve compare Freddie Mac CHOICERenovation® refinance with a rate-and-term refi plus cash, a HELOC, HomeStyle, or FHA options so you are not overpaying for convenience.
After-improved max LTV by occupancy. Investment refinance stays at 85% — not the lower cap some programs use.
Renovation costs on refinance cannot exceed 75% of as-completed appraised value. Minimum loan amount remains $100,000.
Related Freddie Mac CHOICERenovation® guides and renovation programs to compare before you apply.
Ryan & Steve will check equity, the 75% repair cap, and LPA Accept before you lock a Freddie Mac CHOICERenovation® rate/term refi.
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.