Financial and mortgage powerhouse Freddie Mac has launched a streamlined renovation mortgage tool it says will help homebuyers more easily fold home projects into existing mortgages.
The corporation’s CHOICEReno eXPress presents “an additional financing option for borrowers who are looking to finance smaller-scale home renovations,” Freddie Mac said in announcing the program.
The loan program “allows homebuyers to include renovation costs in the mortgage financing to assist in addressing the aging housing supply, the need for affordable housing and the increasing demand for aging-in-place housing solutions,” the corporation said in a FAQ.
Loans for renovations must generally be kept to 10 percent of the home’s value.
The program offers “more affordable loan terms than using credit cards or unsecured financing when making small-scale renovations, the company told Fox News.