Purchase or refinance and renovate with one Home Possible® Freddie Mac CHOICERenovation® loan — 97% LTV, renovation escrow, five draws, and 15-month completion.
Buy and Renovate With Home Possible® Freddie Mac CHOICERenovation® | The 2 Mortgage Guys
Purchase or refinance and renovate with one Home Possible® Freddie Mac CHOICERenovation® loan — 97% LTV, renovation escrow, five draws, and 15-month completion.
Can I Buy and Renovate a Home With One Home Possible® Freddie Mac CHOICERenovation® Loan?
One Closing, One Mortgage, One Rehab Escrow
Deal Snapshot
How the Purchase-Plus-Rehab Process Works
Purchase-Plus-Rehab vs Cash-Then-Remodel
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Frequently Asked Questions
Ready to Buy and Renovate in One Loan?
Yes. That is the core purpose of Home Possible® Freddie Mac CHOICERenovation® — purchase (or no-cash-out refinance) a primary residence and finance eligible renovations into one conventional mortgage, with up to 97% LTV and Home Possible affordable-housing benefits for qualifying borrowers.
Instead of buying with a standard mortgage and financing repairs later with a HELOC or cash, Home Possible Freddie Mac CHOICERenovation® rolls purchase price and renovation costs into a single note sized on the as-completed (after-improved) value — while keeping Home Possible's 3% down and affordable-housing features.
Eligible transactions are purchase and no-cash-out (rate/term) refinance. Occupancy is primary residence only. Underwriting requires Loan Product Advisor Accept — manual underwriting is not permitted. Minimum loan amount is $100,000; maximum follows FHFA conforming limits.
Ryan and Steve coordinate the contractor bid, contingency reserve, and after-improved appraisal so your offer on a fixer-upper closes as one clean file at Luminate Bank.
From offer to final draw — what happens at each stage.
Related Home Possible Freddie Mac CHOICERenovation® guides and sister purchase-plus-rehab paths.
Ryan & Steve confirm AMI eligibility, size the rehab escrow, and coordinate after-improved appraisal timing 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.