Combine Freddie Mac Home Possible 3% down with Freddie Mac CHOICERenovation® rehab financing on your primary residence. 97% LTV calculator and program guidelines.
Estimate for educational purposes only. Home Possible Freddie Mac CHOICERenovation® requires primary residence occupancy, LPA Accept, Home Possible income eligibility (AMI limits with underserved-area exceptions), $100,000 minimum loan, standard PMI above 80% LTV, and 15-month completion.
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Renovation Loans
Freddie Mac CHOICERenovation®
Home Possible Freddie Mac CHOICERenovation®
One conventional mortgage that pairs Home Possible's 3% down with Freddie Mac CHOICERenovation® rehab financing — purchase or no-cash-out refinance your primary home and roll renovations into a single note sized on after-improved value.
Affordable rehab path
97% LTV · 3% down · $100k min
15-month completion · LPA Accept only · FHFA conforming max
A conventional renovation loan combining Freddie Mac Home Possible® (low down payment affordable housing) with Freddie Mac CHOICERenovation®. Eligible low-to-moderate income borrowers purchase or refinance a primary residence and finance renovations into one mortgage while benefiting from Home Possible's 3% down payment options.
Loan Product Advisor must return Accept — manual underwriting is not permitted. Second homes and investment properties are not eligible under Home Possible.
Purchase — Buy a fixer-upper and finance rehab in one closing.
No cash-out (rate/term) refinance — Refinance your existing mortgage and roll renovation costs into the new note.
Eligible only for primary residence occupancy. Home Possible is not available for second homes or investment properties — even when paired with Freddie Mac CHOICERenovation®.
Home Possible and Freddie Mac CHOICERenovation® property eligibility rules apply.
Loan Product Advisor (LPA) Accept required
Manual underwriting is not permitted
Minimum: $100,000
Maximum: Per FHFA conforming loan limits
Purchase: Up to 97% LTV (3% down) for eligible 1-unit owner-occupied borrowers
No-cash-out refinance: Up to 97% LTV for eligible Home Possible borrowers
Required when LTV exceeds 80%. Standard conventional mortgage insurance through Freddie Mac applies. Reduced mortgage insurance coverage is not permitted under the Freddie Mac CHOICERenovation® program — even when paired with Home Possible.
Renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs, or as-completed appraised value. No minimum renovation amount.
Maximum renovation costs equal the lesser of $50,000 or 50% of the as-completed appraised value.
Required minimum 10% ; 15% if utilities are off or not functioning. Maximum 20% contingency reserve. Unused contingency funds are applied to principal and may be reimbursed if originally funded by the borrower.
Consultant required only in Alaska, California, Hawaii, and New York . Otherwise, not required by the matrix.
One general contractor manages the project; specialty contractors permitted as needed.
• Five draws plus final inspection (1004D)
• 10% holdback per draw
• Up to 50% of material costs advanced before construction begins
• 15-month draw period after closing
When paired with Freddie Mac CHOICERenovation®, eligible Home Possible borrowers may receive:
Home Possible Freddie Mac CHOICERenovation® only
Locked to primary-residence Home Possible rules — 97% LTV, 3% down alerts, $100,000 minimum loan, 75%/50% repair caps, contingency, draw admin, consultant toggle, and financed PITI reserve.
Program locked on this page
• Primary residence · Home Possible on
• 97% LTV max · 3% down minimum
• $100,000 minimum loan amount
• 5 draws + final 1004D · 10% holdback
• 15-month completion window
• Consultant only in AK, CA, HI, NY
$ down
Estimated Monthly Payment
Rehab escrow breakdown
This calculator is for informational purposes only. Results are estimates and are not exact — they do not include all closing costs, prepaid interest, or escrow deposits. Contact us for a personalized quote.
Home Possible and Freddie Mac CHOICERenovation® are registered trademarks of Freddie Mac. All loans are subject to credit and property approval. Program guidelines, income limits, LTV limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Freddie Mac, Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.
Mortgage Knowledge Center
Deep-dive guides on eligibility, 3% down, income limits, credit, improvements, contractors, fund draws, HomeReady HomeStyle comparison, and more — all for primary-residence buyers pairing Home Possible with Freddie Mac CHOICERenovation®.
Ryan and Steve will confirm your Home Possible AMI eligibility, size the rehab escrow, and compare this path with standard Freddie Mac CHOICERenovation®, HomeReady HomeStyle, and FHA 203(k) before you write an offer.