Introducing Freddie Mac CHOICERenovation 

Freddie Mac’s CHOICERenovation^SM is part of Plaza’s complete suite of renovation loan options, and is just another example of how Plaza Home Mortgage^® is an industry leader when it comes to renovation lending.

CHOICERenovation gives your clients the flexibility to purchase or refinance a home and include the cost of renovation into the mortgage, with a single closing. In addition, Plaza has made it easier for more borrowers to qualify for CHOICERenovation by including the advantages of Freddie Mac’s Home Possible® program for qualified borrowers in conjunction with CHOICERenovation.

CHOICERenovation can also help first time homebuyers who want to fix up a more affordable home, current homeowners who are looking to age in place by making needed repairs and improvements, and multi-generational families who need a more customized living space.

Program Highlights:

• Up to 97% LTV of the “as-completed” value
• 85% LTV on investment properties; 90% on a 1-unit second home
• FICOs to 620
• Owner-occupied 1-4 units, condos, PUDs, 1-unit second homes, and investment properties are all eligible
• Luxury renovations and improvements are eligible, like adding a pool or outdoor living area

Key Benefits:

• Save time and money by bundling home financing and renovation costs
  into a single loan
• Opens up new avenues of business with borrowers and agents
• Plaza has an in-house renovation loan department that will walk you
  through every step
• Now there is a renovation program for Loan Product Advisor^® eligible loans
• Correspondents can deliver the loans as soon as they are closed and before the renovation is complete

As inventory becomes increasingly scarce, and home prices remain high, homebuyers are increasingly looking at older, more affordable homes that can be fixed up or customized to their liking. Plaza and CHOICERenovation give you another tool to serve your clients and brand yourself as a leader in renovation loans.

Contact your Plaza Account Executive, Account Management Specialist, or drop us a line at HereforYou@plazahomemortgage.com to learn more about this exciting new program.

[1] https://www.housingwire.com/articles/48237-nahb-home-renovation-spending-expected-to-boom-while-homebuilder-pockets-bust

[2] https://mrcooper.com/blog/2018/10/15/5-stats-about-home-renovation-trends-we-learned-from-houzz/

[3] Ibid

[4] Ibid

[5] https://www.ibisworld.com/industry-trends/market-research-reports/construction/building-developing-general-contracting/remodeling.html