Down payment for Home Possible® Freddie Mac CHOICERenovation® — 3% minimum, 97% LTV, gift funds, and cash-to-close with rehab escrow.
Home Possible® Freddie Mac CHOICERenovation® Down Payment | The 2 Mortgage Guys
Down payment for Home Possible® Freddie Mac CHOICERenovation® — 3% minimum, 97% LTV, gift funds, and cash-to-close with rehab escrow.
How Much Down Payment Is Required for a Home Possible® Freddie Mac CHOICERenovation® Loan?
3% Down on Primary Purchase & Refi
Down Payment Snapshot
What Your Cash-to-Close Usually Covers
Home Possible Freddie Mac CHOICERenovation® vs. FHA 203(k) Cash Needed
Keep Exploring
Frequently Asked Questions
See How Much Down Payment You Really Need
Eligible Home Possible borrowers can put as little as 3% down on purchase and no-cash-out (rate/term) refinance — 97% LTV against after-improved value on a primary residence, with standard mortgage insurance above 80% LTV and Home Possible income limits applying.
Home Possible Freddie Mac CHOICERenovation® caps LTV at 97% for eligible borrowers on both purchase and no-cash-out refinance. Your down payment (or equity on refi) is calculated against the total loan amount — acquisition cost plus eligible renovation escrow — relative to after-improved appraised value.
You may put more than 3% down when it improves pricing or DTI, but the program's affordability hook is the low minimum for income-qualified primary buyers who meet Home Possible AMI limits.
Renovation contingency (minimum 10%, or 15% if utilities are off) and draw administration fees typically roll into the rehab escrow — not paid separately as out-of-pocket renovation cash at closing.
Renovation dollars go into escrow at closing — you are not wiring the full rehab budget to the contractor on day one.
Related Home Possible Freddie Mac CHOICERenovation® guides and sister programs.
Ryan & Steve model cash-to-close with rehab escrow, gift funds, and DPA on your actual fixer-upper scenario.
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.