Keyword Analysis & Research: choicerenovation mortgage

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What is a choicerenovation loan?

The CHOICERenovation loan allows you to consider run-down homes that would not meet traditional financing requirements. These homes are less expensive and come with less competition. As a first-time home buyer, you have a great chance at getting an offer accepted on a home that needs TLC.

What is a Freddie Mac choicerenovation mortgage?

The CHOICERenovation (sometimes written “Choice Renovation”) mortgage from Freddie Mac gives borrowers a new option to buy and fix-up homes without the need for two separate closings. This is a way to save thousands of dollars in excess settlement expenses.

What is the difference between Fannie Mae's homestyle renovation and choicerenovation?

Fannie Mae’s HomeStyle Renovation loans and Freddie Mac’s ChoiceRenovation program are pretty much alike. However, the ChoiceRenovation mortgage has a feature that’s likely to become more common. With the ChoiceRenovation program you can finance so-called “resilience items.”

What is the minimum down payment for a choicerenovation mortgage?

With a CHOICERenovation mortgage, the minimum down payment can vary with the number of units and their usage. As examples: One-unit primary residence – 3% down / 97% loan-to-value ratio (LTV). Two -unit primary residence – 15% down (85% LTV). Second home – 10% down (90% LTV). Does CHOICERenovation require a consultant?

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