Renovation · Conventional

CHOICERenovation Loan

Freddie Mac's CHOICERenovation is the conventional renovation loan with a few extra tricks — it covers a wide range of improvements (including resilience upgrades), works on investment and second homes, and can even let you count sweat equity toward your costs.

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CHOICERenovation at a glance

Flexible conventional renovation

From 3%
Low conventional down payment with cancellable mortgage insurance — no lasting FHA premium.
Sweat equity
In eligible cases, your own labor and materials can count toward the renovation and down payment.
Resilience
Covers a broad range of work, including disaster-resilience and weatherization upgrades.

A CHOICEReno eXPress option streamlines smaller projects. Renovation budgets are based on the after-improved value within Freddie Mac guidelines. Terms set by Freddie Mac and the lender and change periodically — confirm with Bond Street.

Why buyers choose it

Conventional, with extra flexibility

Sweat-equity credit

For qualifying borrowers, your own labor and materials can count toward the project — a distinctive CHOICERenovation feature.

Investors and second homes

Like HomeStyle, it isn't limited to primary residences — eligible for second homes and investment properties.

CHOICEReno eXPress

A streamlined path for smaller, lower-cost projects with lighter documentation than a full renovation loan.

Cancellable mortgage insurance

As a conventional loan, PMI ends at 20% equity rather than lasting the life of the loan.

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Eligibility

What it takes to qualify

  • Conventional credit and income guidelines — typically stronger credit than FHA
  • Low down payment available (as little as 3–5% depending on occupancy and program)
  • Eligible for primary residences, second homes, and investment properties
  • Sweat equity may count toward costs for qualifying borrowers and projects
  • Renovation budget based on the after-improved value within Freddie Mac guidelines
  • Work performed by an approved contractor (with a streamlined eXPress option for smaller jobs)

Common questions

CHOICERenovation FAQs

How is CHOICERenovation different from HomeStyle?

They're close conventional cousins — CHOICERenovation is Freddie Mac's, HomeStyle is Fannie Mae's. CHOICERenovation is known for sweat-equity options and resilience improvements; your lender uses whichever fits your file best.

What is CHOICEReno eXPress?

A streamlined version for smaller, lower-cost projects, with lighter documentation than a full renovation loan — handy when the work is modest.

Can sweat equity really count?

For qualifying borrowers and projects, yes — your own labor and materials can be credited toward the renovation, subject to Freddie Mac's rules. Your lender will confirm what qualifies.

Can I use it on an investment property?

Yes — CHOICERenovation is eligible for primary residences, second homes, and investment properties, unlike FHA 203(k).

Our trusted lending partner

Bond Street Mortgage

We work hand-in-hand with Bond Street Mortgage, serving Bergen, Passaic, Morris, Hudson, and Essex counties. Their team coordinates with us from pre-approval through closing.

Talk to the team

Renovate your way with CHOICERenovation

Reach out and we'll connect you with the right loan path and a pre-approval that holds weight in a competitive market.

(201) 240-5200  ·  chopper@chopperrussoteam.com
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RE/MAX Select — Chopper Russo Team. Thomas "Chopper" Russo, 392 Ramapo Valley Rd, Oakland, NJ 07436. Not a commitment to lend. Loan products, rates, renovation guidelines, sweat-equity eligibility, mortgage insurance, and approval are provided by Bond Street Mortgage and Freddie Mac subject to their terms and qualification.

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