How contractors are selected for Home Possible® Freddie Mac CHOICERenovation® — one GC, specialty trades, AK/CA/HI/NY consultants, licensing, insurance, and lender-ready bids.
Home Possible® Freddie Mac CHOICERenovation® Contractor Approval | The 2 Mortgage Guys
How contractors are selected for Home Possible® Freddie Mac CHOICERenovation® — one GC, specialty trades, AK/CA/HI/NY consultants, licensing, insurance, and lender-ready bids.
How Are Contractors Selected and Approved for a Home Possible® Freddie Mac CHOICERenovation® Loan?
You Select. The Lender Verifies.
Contractor Rules Snapshot
What Makes a Bid Package Lender-Ready
Home Possible Freddie Mac CHOICERenovation® vs FHA Consultant Model
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Frequently Asked Questions
Need Help Vetting Your GC Package?
You choose the contractor(s). Home Possible® Freddie Mac CHOICERenovation® requires one general contractor (specialty trades as needed). The lender verifies licensing, insurance, and line-item bids — a renovation consultant is required only in Alaska, California, Hawaii, and New York.
Home Possible Freddie Mac CHOICERenovation® does not assign a contractor for you. Collect bids from licensed, insured pros whose scopes match the renovations you want financed on a 1-unit primary residence. The lender then confirms credentials and that costs stay inside the 75% purchase repair cap (or lesser of $50,000 / 50% for manufactured homes).
Unlike FHA Standard 203(k), there is no HUD consultant in most states. One GC coordinates the project, with specialty subs as needed — plans, permits, 10%/15% contingency, and the five-draw schedule still apply.
Ryan and Steve review bid packages early so weak insurance, vague line items, or unlicensed vendors do not stall LPA Accept underwriting after you are under contract.
Four items that keep Home Possible Freddie Mac CHOICERenovation® draws and appraisals moving.
Draws, DIY rules, and document checklists for this program.
Ryan & Steve review Home Possible Freddie Mac CHOICERenovation® bids, insurance, and draw-ready scopes 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.