CHOICEReno eXPress Mortgage

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CHOICEReno eXPress^SM mortgage, an expansion of the Freddie Mac CHOICERenovation^® mortgage, is a new streamlined renovation mortgage that enables you to offer an additional financing option for borrowers who are looking to finance smaller-scale home renovations. Lenders can sell a CHOICEReno eXPress mortgage to Freddie Mac prior to completion of the renovations without recourse, provided:

Sellers rep and warrant that the renovations are completed within 180 days of the note date, and

• For CHOICEReno eXPress mortgages located in designated Duty to Serve high-needs areas, the total cost of the financed renovations should not exceed 15% of the value for purchase transactions and “no cash-out” refinance mortgages.
• For CHOICEReno eXPress mortgages not in Duty to Serve high-needs areas, the total cost of the financed renovations should not exceed 10% of the value for purchase transactions and “no cash-out” refinance mortgages.

With CHOICEReno eXPress, you can offer a wide range of borrowers the ability to finance home repairs and help them attain and maintain affordable and sustainable homeownership.