Freddie Mac CHOICEReno eXPress

What is CHOICEReno eXPress®?

CHOICEReno eXPress is a single-close loan that enables borrowers to purchase a home that needs smaller-scale repairs, or refinance their existing home and include the necessary funds for small-scale cosmetic repairs in the loan balance.

Freddie Mac CHOICEReno eXPress® Loan Basics

  • Minimum FICO of 620
  • Advantageous for borrowers who wish to purchase a home, or refinance an existing mortgage, and to complete small scale home improvement projects.
  • Does not require borrower to obtain interim construction financing
  • No minimum dollar amount for repairs
  • Repairs up to $35,000
  • Allows renovations purchased from a home improvement store
  • Repairs or improvements must be permanently affixed to the real property and must be non-structural
  • All renovations are completed within 5 months or 150 days of the note date
  • Eligible property types:

    • 1-4 Unit Primary Residences
    • 1-Unit Second Homes
    • Approved Condos
    • PUDs
    • Multi-width Manufactured Homes, including CHOICEHome
    • 1-Unit Investment properties are permitted

Buying a Home with a CHOICEReno eXPresss® Loan

By providing financing for repairs and improvements, this program can create home buying opportunities. It can be hard for house hunters to find a property that has everything they are looking for. Perhaps a home is too small, the chopped up floor plan is unappealing, or the dated kitchen just doesn’t suit today’s buyers.

Other Programs to Explore

If a CHOICEReno eXPress® loan is not an ideal fit for a particular scenario here are a few other products to explore:

  • Cover purchase and repairs or refinance the rehabilitation of an existing home: FHA 203(k) Renovation Loan
  • To finance projects on a HUD home that requires minimal or cosmetic repairs: FHA 203(b) Standard Loan with FHA Repair Escrow
  • For military and veteran borrowers looking to finance minor updates at a cost under $35,000: VA Renovation Loan