These Freddie Mac programs give REALTORS® and consumers 8 ways to thrive using ‘aging’ homes
Whether you’re helping millennials achieve the American Dream or trying to help retirees downsize, two Freddie Mac home loan programs may provide the solutions you seek.
During the free virtual Freddie Mac webinar, “Solutions for Buyers – Overcoming the Aging Housing Stock,” Freddie Mac Affordable Lending Manager James Cromartie noted that a lack of affordable inventory and the age of American homes are two factors affecting homebuyers today. But he also cited four reasons the CHOICERenovation Program could make older homes more attractive.
Homebuyers can use some of the loan proceeds to:
- renovate or repair properties;
- fund up to six monthly payments of principal, interest, taxes and insurance;
- cover the cost of permits, plans and draw inspections; or
- pay for resiliency upgrades such as retaining walls, foundation retrofitting and storm surge barriers.
With the energy costs and environmental concerns being important factors in today’s economy, GreenCHOICE Mortgages® from Freddie Mac could be another attractive solution for homebuyers. Here are four reasons to use these mortgages:
- allow refinances to pay off debt incurred by energy-efficiency improvements,
- pay for utility cost-saving home improvements,
- eliminate need for energy audits unless aggregate costs exceed $6,500 and
- allow transactions to be completed before improvements are done.
In addition to Cromartie, other panelists for the webinar included Primelending Vice President of Renovation & Construction Lending Brad McMullen and Century 21’s National Director for Diversity Alex Chapparo. Freddie Mac Affordable Lending Manager Marlana Scott served as moderator.
Watch a recording of the webinar.