Learn what the Home Possible® Freddie Mac CHOICERenovation® loan is — 3% down, primary-only rehab, LPA Accept, and 97% LTV on after-improved value.
What Is Home Possible® Freddie Mac CHOICERenovation®? | The 2 Mortgage Guys
Learn what the Home Possible® Freddie Mac CHOICERenovation® loan is — 3% down, primary-only rehab, LPA Accept, and 97% LTV on after-improved value.
What Is a Home Possible® Freddie Mac CHOICERenovation® Loan?
Two Programs, One Conventional Mortgage
At a Glance
How It Differs From Standard Freddie Mac CHOICERenovation®
Home Possible Freddie Mac CHOICERenovation® vs. FHA 203(k)
Keep Exploring
Frequently Asked Questions
See If Home Possible Freddie Mac CHOICERenovation® Fits Your Fixer-Upper
Home Possible® Freddie Mac CHOICERenovation® combines Freddie Mac's affordable Home Possible program with Freddie Mac CHOICERenovation® rehab financing — one conventional mortgage to purchase or rate/term refinance a primary residence and roll eligible repairs into the same note, with as little as 3% down for qualifying borrowers. Underwriting requires Loan Product Advisor (LPA) Accept only.
Home Possible brings 3% minimum down payment, flexible income sources, co-borrower options, and income limits based on Area Median Income (AMI) with exceptions in designated underserved areas. Freddie Mac CHOICERenovation® adds the renovation escrow, after-improved appraisal, contractor draw schedule, and repair caps that turn a fixer-upper into one closable loan.
This combination is available only on a 1-unit primary residence — not second homes or investment properties. Eligible property types include single-family homes, doublewide manufactured homes, PUDs, and eligible condominiums when Freddie Mac guidelines are met.
Ryan and Steve map your income against AMI, size the rehab escrow against 75%/50% repair caps, and compare this path with standard Freddie Mac CHOICERenovation®, HomeReady HomeStyle, and FHA 203(k) before you commit to a distressed listing.
Same renovation mechanics — different borrower and occupancy rules.
Related Home Possible Freddie Mac CHOICERenovation® guides and sister programs to compare before you apply.
Ryan & Steve will confirm your AMI eligibility, size the rehab escrow, and compare this combo with standard Freddie Mac CHOICERenovation® and FHA 203(k) at Luminate Bank.