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Affordable Home and Renovation Financing – All-In-One Loan

Read Time: 5 Minutes June 08, 2023

Freddie Mac’s CHOICERenovation® Mortgage

Looking to transform a fixer-upper into your dream home? We’ve teamed up to bring you the ultimate solution – Freddie Mac's CHOICERenovation®! This new reno product combination can help homebuyers who want to fix up a more affordable home, current homeowners looking to age in place by making needed repairs and improvements, and multi-generational families who need a more customized living space.

Unlock a property’s full potential without the hassle and stress typically associated with renovations. Whether you want to update a kitchen or add a cozy new bedroom, we’ve got you covered!

Woman looking at color options for painting a wall

CHOICERenovation® makes updates easy! Funds are used for new appliances or other upgrades like a kitchen refresh or flooring update. Wait until it's move-in ready – you don't have to occupy the home during renovations. The borrower must occupy the property within 60 days of the last disbursement, giving you time to move in AFTER the renovations are completed.

CHOICERenovation® Program Highlights:

  • Purchase Transactions: 
    • 75% of the sum of the purchase price of the property plus the estimated total of the renovation costs, or;
    • As completed value of the property is determined by the appraiser
  • No Cash-Out Refinance Transactions:
    • 75% of the as completed value of the property as determined by the appraiser
  • Manufactured Homes:
    • The lesser of $50,000 or 50% of the as completed value of the property as determined by the appraiser 


Why choose CHOICERenovation®? Here are just a few reasons:

  • Convenience: Say goodbye to the lengthy and complex renovation process! CHOICERenovation® simplifies the entire journey, making it easier than ever to bring your vision to life.
  • Competitive Rates: Unlock affordable financing options tailored specifically for your renovation needs. We've partnered with Freddie Mac®, a trusted name in the industry.
  • Streamlined Process: Our experienced team of experts is here to guide you through every step of the way. From the initial consultation to the final inspection, we'll ensure your renovation journey is smooth and stress-free.
  • Flexibility: We offer a range of flexible financing options to suit your budget and preferences.
  • Trusted Partners: Benefit from our extensive knowledge, expertise, and commitment to exceptional customer service.
  • Enhanced Home Value: A well-executed renovation not only enhances your living space but can also increase the value of your home. With CHOICERenovation®, you're investing in your future and building equity with every improvement you make.


As home prices remain high, homebuyers are increasingly looking at older, more affordable homes that can be fixed up or customized to their liking. *

We have the expertise and hands-on know-how to guide you through whatever your business needs are, and help you build your success.

Don't wait another day to turn your house into the home of your dreams! Our dedicated team is eager to help you take the first step toward transforming your property into your dream home. Contact us now to learn more about CHOICERenovation®.

Get started today!


Freddie Mac® and CHOICERenovation® are registered trademarks of Federal Home Loan Mortgage Corporation and are not affiliated with Newrez LLC.

By refinancing an existing loan, the total finance charges may be higher over the life of the loan. We may transfer the escrow account balance from the current loan to the new loan. If the current escrow amount is insufficient due to changes in taxes or insurance, we may require additional money when closing on the new loan.

Learn more in our other educational series.

We’ve assembled a treasure trove of jargon-free information to demystify home-financing and arm you with valuable insights and actionable options.

Why Newrez?

Newrez believes the lending business shouldn't just be about home loans - it should be about homeowners. That's why our employees get to know our customer's real needs, through final closing, and beyond.

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