Freddie Mac "Choice Reno eXpress"

Purchase + and More

This product allows for the financing of additional renovation money up to 10% of the purchase price (some counties can go to 15%), not to exceed $50,000. Applicants may include the cost of the new appliances, hardwood floors, roof, HVAC, Home Generator and even more. In most cases a General Contractor is not required. Applicants will simply go to their favorite store (Home Depot, Lowes or other Specialty place), get pricing for their upgrades and improvements, and include that information with the loan application. The improvements will be factored into the loan calculations and appraisal. The loan processing time is between 30-45 days (depending on the project).

Learn More About The Product

Purchase + and More

Are you considering getting a renovation loan? You'll want a little insight into the process of getting one. If you have any questions about this program, contact us now:

Week One

Loan pre-qualification to determine the maximum loan amount, monthly payments, and required investment for the subject property gets done. Applicants provide all needed documents to the lender within 3 days. "Wish list" from the buyer for the improvements they want to complete is obtained.

Week Two

A contractor or favorite store for the project must be chosen. Obtained bids/quotes must be forwarded to Reno Team. Your contractor needs to be on the current approved Contractor list. Their license and insurance must be approved. Based on the quote, the HomeStyle calculations is done to ensure the number of repairs and type of repairs fit within BOEM program guidelines. Rate may be locked, and appraisal ordered. The fee is $100 more than customary. File goes to underwriting for approval.

Week Three & Four

Appraisal is completed and reviewed.

Week Five & Six

Renovation loan is ready to close. Work must begin immediately after closing, but no later than 15 days after the closing date. The renovation should be finished on time frame of agreement. Initial and final inspection must be done by appraiser. Letter of completion, final draw request and title update must be done. The final draw is sent to contractor.