Freddie Mac expands Renovation Lending Offerings
With the severe shortage of inventory and the dramatic increase in sales prices in the housing market, Fix-It Mortgage by Advisors Mortgage Group has a solution for buyers. The new CHOICEReno eXPress Mortgage recently announced by Freddie Mac is a great addition to the renovation lending products that are available in the market today. This innovative product streamlines the financing solution for buyers interested in financing smaller scale renovations as they purchase a new home.
Buyers who have been disappointed and have not found that affordable home they have been dreaming of can look for more affordable opportunities that may need a new roof, a paint job or even an updated kitchen; and they don’t have to worry about where the money for improvements will come from. The right renovation loan with the right plan to improve can make all the difference.
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Realtors working with potential sellers that are challenged with the work and expense of updating their home to prepare for staging have an option to capture the listing. “Realtors can explain the benefits of selling as is and leave the work to the buyer. With the right financing solution and the right plan in place, a listing agent’s best advice at the point of sale to the seller could be to let buyers make your home their home,” explains Jim Ragan, FIX-IT Mortgage’s Renovation Department Manager.
Freddie Mac’s announcement of CHOICEReno eXPress strengthens the government agency’s commitment to renovation lending. That level of commitment will help lenders create more affordable financing solutions. Buyers will find more affordable homeownership opportunities in older homes. This new product added to Freddie Mac CHOICERenovation, Fannie Mae HomeStyle and the FHA 203(k) creates an opportunity for lenders to help any qualified buyer buy any home in any condition and make good homes great again.
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