New Purchase/Renovation Loan Added to Freddie Mac Choices

Freddie Mac is announcing a new loan program to help address the need for affordable housing and encourage the renovation of older homes. The company says its new CHOICE Renovation loans will "provide homebuyers a flexible choice to purchase a home and finance the cost of renovations with a single-close mortgage, saving them both time and money." The mortgage is available immediately to all eligible lenders nationwide. "Research indicates a large number of older homes need repair and renovation, either to meet the needs of current owners or as a viable option for new homebuyers ," said Danny Gardner, Freddie Mac's Senior Vice President, Single-Family Affordable Lending and Access to Credit. "The CHOICE Renovation solution gives borrowers the opportunity to make improvements, renovations and...(read more)

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