CHOICEReno eXPress
Renovation Mortgage Option
CHOICEReno eXPress allows homebuyers to include renovation costs in the mortgage financing to assist in addressing the aging housing supply, the need for affordable housing and the increasing demand for aging-in-place housing solutions.
Loan Features
- Total cost of the financed renovations should not exceed:
- 15% of the applicable value for purchase transactions and “no cash-out” refinance mortgages located in designated Duty toServe high-needs areas
- 10% of the applicable value for purchase transactions and “no cash-out” refinance mortgages not in Duty to Serve high-needs areas
- Ability to combine CHOICEReno eXPress with the Freddie Mac Home Possible®, HomeOne®, HFA Advantage® and super conforming mortgages with down payment as low as 3%
- Eligible properties include 1-4-unit primary residences, manufactured homes, including manufactured homes that are certified CHOICEHome®, 1-unit second homes, 1-unit investment properties, units located in planned unit developments (PUDs), condominiums, cooperatives
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