Learn what the Home Possible® Freddie Mac CHOICERenovation® loan is — 3% down, primary-only rehab, LPA Accept, and 97% LTV on after-improved value.
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Home Possible Freddie Mac CHOICERenovation®
What Is Home Possible Freddie Mac CHOICERenovation®?
Home Possible® Freddie Mac CHOICERenovation® combines Freddie Mac's affordable Home Possible program with Freddie Mac CHOICERenovation® rehab financing — one conventional mortgage to purchase or rate/term refinance a primary residence and roll eligible repairs into the same note, with as little as 3% down for qualifying borrowers. Underwriting requires Loan Product Advisor (LPA) Accept only.
Home Possible brings 3% minimum down payment, flexible income sources, co-borrower options, and income limits based on Area Median Income (AMI) with exceptions in designated underserved areas. Freddie Mac CHOICERenovation® adds the renovation escrow, after-improved appraisal, contractor draw schedule, and repair caps that turn a fixer-upper into one closable loan.
This combination is available only on a 1-unit primary residence — not second homes or investment properties. Eligible property types include single-family homes, doublewide manufactured homes, PUDs, and eligible condominiums when Freddie Mac guidelines are met.
Ryan and Steve map your income against AMI, size the rehab escrow against 75%/50% repair caps, and compare this path with standard Freddie Mac CHOICERenovation®, HomeReady HomeStyle, and FHA 203(k) before you commit to a distressed listing.
Same renovation mechanics — different borrower and occupancy rules.
Related Home Possible Freddie Mac CHOICERenovation® guides and sister programs to compare before you apply.
Ryan & Steve will confirm your AMI eligibility, size the rehab escrow, and compare this combo with standard Freddie Mac CHOICERenovation® and FHA 203(k) 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.