Posted To: MND NewsWire

Freddie Mae has announced a new single-close mortgage product that will allow homeowners to finance the cost of small scale renovations. The CHOICEReno eXPress will allow homebuyers to make cosmetic renovations , such as replacing windows and doors, roof repairs, minor remodeling and interior or exterior painting. The new product is an expansion of the existing Freddie Mac CHOICERenovation mortgages. The new loans will offer homebuyers and homeowners more affordable loan terms than using credit cards or unsecured financing when making small-scale renovations. Lenders can sell the new mortgages to Freddie Mac when the loan proceeds are used to pay for renovations of up to 10 percent of the home’s as-completed value (up to 15 percent in rural regions with high needs classification) without requiring…(read more)

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Source: Mortgage News Daily