Freddie Mac, a government sponsored enterprise that makes home ownership more accessible and affordable, recently unveiled a new financing option that will allow consumers to not only buy a home, but include the cash needed to complete renovations, all with one loan!
The CHOICERenovation mortgages are either fixed or adjustable interest rate loans and can be used for primary residence single familiy homes, multifamily buildings with up to four units as long as it is also the owner's primary residence, secondary homes, and single unit investment properties.
In addition, the program can be used to repair a home that has been damaged in a natural disaster.
Coldwell Banker Upton-Massamont Realtor Becky Brown believes "the new Freddie Mac financing option is a potentially great tool to help keep houses moving through the market and money in the economy. Sellers who might have had to sit on their homes will be able to make their next steps in life while motivated buyers don’t have to overextend waiting for perfect condition homes out of their price range. Buyers these days want to make their new homes “theirs” while sellers don’t want to invest in improvements potential buyers don’t like. I’d suggest buyers sit down with their lender to discuss their options and sellers can appreciate knowing a new pool of qualified buyers may be coming through."
For more information on buying or selling a home, contact Coldwell Banker Upton-Massamont Realtors at www.coldwellbankerumr.com or 413-461-3518.
About Coldwell Banker Upton Massamont Realtors
Coldwell Banker Upton-Massamont Realtors, locally owned by Christine Aubrey is an affiliate of Coldwell Banker Real Estate, LLC, with four offices in the Pioneer Valley; South Deerfield, Shelburne Falls, Amherst, and their newest location on Main Street in Northampton. The Coldwell Banker brand is the oldest and most established and respected residential real estate franchise system in North America and has 3,000 offices in 49 countries. Please visit www.ColdwellBankerUMR.com to connect with a local Coldwell Banker Real Estate Agent.