Freddie Mac announced its new CHOICEReno eXPressSM mortgage, enabling homebuyers and homeowners to finance the cost of small-scale renovations with a single-close mortgage, saving them both time and money. CHOICEReno eXPress fills a need for a streamlined, affordable financing option, allowing homebuyers to make cosmetic renovations, such as replacing windows and doors, roof repairs, minor remodeling and interior or exterior painting. Lenders can sell CHOICEReno eXPress mortgages to Freddie Mac when the loan proceeds are used to pay for renovations of up to 10% of the home’s as-completed value (up to 15% in rural regions with high needs classification) without requiring special lender pre-approval or lender recourse depending on the purchase price. A completed inspection is required to verify that the planned renovations were in fact done. Freddie Mac also announced that it has updated its requirements to provide lenders greater flexibility when offering its CHOICERenovation® mortgage. This includes: allowing 100% of the cost of materials to be advanced and renovation costs to be paid directly to a home improvement store, the ability to use proceeds to pay off short-term financing for prior renovations of an existing home, and allowing a borrower to not occupy a primary residence while renovations are ongoing. These updates are designed to make CHOICERenovation mortgages easier for lenders to implement and help them offer these mortgages to more borrowers. Launched in 2019, the CHOICERenovation offering is unique in that the program proceeds may also be used to renovate a property that has been damaged in a natural disaster or for renovations that will help the borrower prevent damage from a future disaster.