---
title: CHOICERenovation | Plaza Home Mortgage
description: Plaza Home Mortgage, a leader in the renovation lending market, offers Freddie Mac’s CHOICERenovation loan program. Available for both wholesale lenders and correspondent, this program lets borrowers combine their home purchase or refinance and renovation costs into a single loan.
image: https://info.plazahomemortgage.com/hubfs/Freddie_Mac_CHOICERenovationSM_LINKEDIN.png
---
[logo links to homepage](https://www.plazahomemortgage.com/)
**Introducing Freddie Mac CHOICERenovation **
Freddie Mac’s CHOICERenovationSM 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](mailto: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](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/](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](https://www.ibisworld.com/industry-trends/market-research-reports/construction/building-developing-general-contracting/remodeling.html)
| ### ** Home Renovation Quick Stats:** - **$172 Billion** – US Home Improvement Expenditure in 2018\[1\] - **85%** - Homeowners who paid cash for renovations in 2018\[2\] - **58%** - Homeowners who renovated their homes in some fashion in 2017\[3\] - **$15,000** – Median expenditure for home renovations in 2017\[4\] - **4.3%** – Annual growth of renovation spending 2014-2019\[5\] |
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