Freddie Mac now offering Fixer-Upper Mortgage Product

Freddie Mac announced yesterday a new mortgage product that will allow borrowers to buy fixer-uppers and finance renovation costs with the same loan. Existing homeowners can use it to repair or improve their homes. This loan product also allows investors to purchase a single-family home and renovate it without living in it, but would require them to live in a 2-4 unit building. This product is more flexible than an FHA 203k in that it doesn’t require consultant approval. This is a great new option for neighborhoods such as Laney-Walker North Historic District, Harrisburg-West End Historic District, and Olde Town Neighborhood Association. Tag someone looking buy a fixer upper, or a mortgage broker that may be offering this new product!

Washington Post Article: https://www.washingtonpost.com/…/freddie-mac-is-now-offerin…

Housingwire article: https://www.housingwire.com/…/49371-freddie-mac-announces-f…

Fannie Mae Homestyle factsheet (similar loan from Fannie Mae): https://www.fanniemae.com/…/homestyle-renovation-overview.p…

Freddie Mac Press Release: https://freddiemac.gcs-web.com/…/freddie-mac-announces-choi…

#loveaugusta #opportunityzone #oldetown #fixerupper