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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
Housing News
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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, ... (read more)
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Rob Chrisman
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We live in world of numbers. It has been 76 years since an atom bomb was dropped on Hiroshima. Let’s hope nothing close, with its 140,000 instantaneous deaths, ever happens again. Did you know that male houseflies live for 28 days, females for ... (read more)
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Housing News
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Freddie Mac reported this week that its total mortgage portfolio increased at an annualized rate of 12.9 percent in June compared to an 8.6 percent gain in May. The portfolio balance at the end of the period was $3.021 trillion compared to $2.980 tri... (read more)
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