Home Possible® Freddie Mac CHOICERenovation® funds structural and non-structural work — kitchens, baths, roofs, foundations, room additions, energy and accessibility upgrades, appliances, mold and lead remediation, and swimming pools — with no minimum renovation amount and a 15-month completion window after closing.
Work must appear in your approved scope and support the as-completed appraisal. Contingency reserve is required at 10% (15% if utilities are off), up to a 20% maximum.
Load-bearing repairs, foundation work, framing corrections, and code-related structural fixes.
Cabinetry, countertops, fixtures, tile, layout changes, and full remodels.
Roof replacement, siding, windows, doors, and weatherization.
Square-footage increases when plans, permits, and bids support after-improved value.
Insulation, efficient systems, ramps, wider doorways, and related modifications.
Appliances included in the approved renovation scope.
Allowed under Freddie Mac CHOICERenovation® — unlike FHA 203(k), which does not permit new pools.
Environmental remediation when documented in the scope and completed within the draw period.
10%/15% contingency reserve; up to 6 months PITI if the home is uninhabitable during work.
There is no minimum renovation amount. On purchase, renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs or as-completed appraised value. Manufactured homes are capped at the lesser of $50,000 or 50% of as-completed value.
The escrow can also fund architectural/engineering fees, third-party construction management, five draw inspections, final inspection (1004D), permits, title updates, and the draw administration fee (greater of 1.5% of repair costs or $500).
Renovations must be completed within 15 months after closing, with one general contractor (specialty trades as needed) and a consultant required only in Alaska, California, Hawaii, and New York.
| Feature | Home Possible Freddie Mac CHOICERenovation® | FHA 203(k) |
|---|---|---|
| Swimming pools | Allowed | New pools not permitted |
| Min renovation | None | Varies by Limited/Standard |
| Consultant | AK, CA, HI, NY only | Required on Standard 203(k) |
| Completion window | 15 months | 12 months (Standard) |
| Income limits | AMI caps apply | None |
Related Home Possible Freddie Mac CHOICERenovation® guides and sister rehab programs.
1-unit primary, doublewide manufactured, PUD, and condo rules.
Purchase plus rehab in one mortgage.
Standard Freddie Mac CHOICERenovation® financed-improvement guide.
Accessibility and disaster-resiliency upgrades in the escrow.
Full guidelines, calculator, and all 20 guides.
Compare what FHA rehab will and will not fund.
No. Home Possible® Freddie Mac CHOICERenovation® has no minimum renovation budget. Cosmetic updates and major structural work can both qualify when documented in the scope and supported by the after-improved appraisal.
Yes. Swimming pools are allowed under Freddie Mac CHOICERenovation® guidelines — a key difference from FHA 203(k), which does not permit new pools.
On purchase, renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs or as-completed appraised value. Manufactured homes are capped at the lesser of $50,000 or 50% of as-completed value.
Labor, materials, architectural/engineering fees, construction management, five draw inspections, final 1004D, permits, title updates, contingency reserve, up to 6 months PITI if uninhabitable, and draw admin fee (greater of 1.5% of repair costs or $500).
Ryan & Steve map contractor bids against 75%/50% repair caps, contingency, and after-improved value at Luminate Bank.
Home Possible and Freddie Mac CHOICERenovation® are registered trademarks of Freddie Mac. All loans are subject to credit and property approval. Program guidelines, income limits, 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.