Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages

fhlmc-4607-7

Freddie Mac Single-Family Seller/Servicer Guide section 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages. Full verbatim section text, substring-verified against snapshot 5869ee9e606cd4ae.

This register: .xlsx .csv

Verbatim regulatory text (1)

Verbatim provisions from Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages

Effective 2024-10-02 · Freddie Mac's stamp for this section

This section contains requirements related to: ■ Maximum renovation costs overview ■ Purchase transactions ■ Refinance Mortgages ■ Manufactured Homes (a) Maximum renovation costs overview The maximum financed renovation costs for CHOICERenovation® Mortgages are outlined below based on the Mortgage purpose. Mortgages secured by properties with Manufactured Home ADUs will be subject to the maximum financed renovation costs described in either Section 4607.7(b) for purchase transactions or Section 4607.7(c) for “no cash-out” refinance Mortgages, as applicable. (b) Purchase transactions The table below lists the maximum financed renovation costs for purchase transaction Mortgages secured by Mortgaged Premises that are not Manufactured Homes: Maximum financed renovation costs for purchase transaction Mortgages excluding Manufactured Homes For… The total cost of the financed renovations must not exceed… Of the lesser of the… CHOICERenovation Mortgages delivered pursuant to Sections 4607.1(a) and 4607.1(b) 75% ■ Sum of the purchase price of the property plus the estimated total of the renovation costs, or ■ “As completed” value of the property as determined by the appraiser pursuant to the appraisal requirements in Section 4607.8 CHOICEReno eXPress® Mortgages located in designated Duty to Serve high-needs areas (refer to Exhibit 40, Duty to Serve High-Needs Areas) 15% CHOICEReno eXPress Mortgages not in Duty to Serve high-needs areas 10% (c) Refinance Mortgages The table below lists the maximum financed renovation costs for “no cash-out” refinance Mortgages secured by Mortgaged Premises that are not Manufactured Homes: Maximum financed renovation costs for refinance Mortgages excluding Manufactured Homes For… The total cost of the financed renovations must not exceed… Of the… CHOICERenovation Mortgages delivered pursuant to Sections 4607.1(a) and 4607.1(b) 75% “As completed” value of the property as determined by the appraiser pursuant to the appraisal requirements in Section 4607.8 CHOICEReno eXPress Mortgages located in designated Duty to Serve high-needs areas 15% CHOICEReno eXPress Mortgages not in Duty to Serve high-needs areas 10% (d) Manufactured Homes The table below lists the maximum financed renovation costs for purchase transaction and “no cash-out” refinance Mortgages secured by Manufactured Homes: Maximum financed renovation costs for Manufactured Homes For… The total cost of the financed renovations must not exceed the lesser of $50,000 or… Of the… CHOICERenovation Mortgages delivered pursuant to Sections 4607.1(a) and 4607.1(b) 50% “As completed” value of the property as determined by the appraiser pursuant to the appraisal requirements in Section 4607.8 CHOICEReno eXPress Mortgages located in 15% Maximum financed renovation costs for Manufactured Homes For… The total cost of the financed renovations must not exceed the lesser of $50,000 or… Of the… designated Duty to Serve high-needs areas CHOICEReno eXPress Mortgages not in Duty to Serve high-needs areas 10% Note: Mortgages secured by properties with Manufactured Home ADUs will be subject to the maximum financed renovation costs described in Section 4607.7(a) for purchase transactions, or Section 4607.7(b) for “no cash-out” refinance Mortgages, as applicable above.

Source: Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages · source URL · snapshot 4c94f67729042dd6

Get this regulation in your AI window

Bulletins replace Guide sections, and the old text stays widely quoted. An assistant will answer from a version a later Bulletin already retired.Put the verbatim text and its effective date in front of your assistant, instead of whatever it remembers.

Open in Claude Open in ChatGPT

Open in Claude shows the one-time setup: paste one address, no account with us. Open in ChatGPT asks ChatGPT about this page, with no setup. Either way it’s free.

Get notified if this rule changes

One email when Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages changes: what changed, the new verbatim text, and the effective date. Nothing else.

Double opt-in: we send a confirmation link first. Following one section does not subscribe you to anything else. Privacy.

Source of record: https://claudeforcompliance.com/regs/fhlmc-4607-7/ · register fhlmc-4607-7 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.