Freddie Mac CHOICERenovation
Freddie Mac CHOICERenovation provides a conventional single-closing path for eligible home purchase or refinance transactions that include renovation financing.
Single closing
Freddie describes the product as allowing borrowers to finance renovation costs with the mortgage rather than arranging separate renovation financing.
Mortgage options
Freddie currently identifies eligible fixed-rate and adjustable-rate mortgages and compatibility with products including Home Possible and HomeOne, subject to requirements.
Property types
Current Freddie materials identify 1-4 unit primary residences, manufactured homes, one-unit second homes, one-unit investment properties and certain PUD/condo/co-op/leasehold properties.
Completion
Final inspection and proof of first-lien position are among Freddie's identified delivery requirements.
Freddie's full renovation lane
CHOICERenovation supports eligible purchase/refinance renovation financing and is distinct from Fannie's HomeStyle. Use Freddie's Guide for Freddie execution.
Pre-approval renovation checklist
Prepare a preliminary scope, rough contractor pricing, structural/nonstructural classification, expected permit needs, occupancy plan during construction, target completion time and likely as-completed value. Identify condo, manufactured-home, ADU, mixed-use or multi-unit characteristics before ordering the appraisal.
Execution checklist
Confirm the lender actively originates the selected renovation product; contractor accepts draw-based payment; required consultant is available; bid matches appraisal scope; permits can be obtained; contingency/change-order process is understood; and borrower has enough non-escrow liquidity for costs the program will not finance.
Primary sources to verify
- HUD — FHA 203(k)
- Fannie Mae — HomeStyle Renovation Eligibility
- Fannie Mae — HomeStyle Costs & Escrows
- Fannie Mae — HomeStyle Refresh
- Freddie Mac — CHOICERenovation
- Freddie Mac — CHOICEReno eXPress
Last reviewed September 15, 2026.