SUPERSEDED — prior version (Guide as of Bulletin 2026-11, published August 12, 2026) — Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages
SUPERSEDED — this is the PRIOR text of Freddie Mac Guide Section 4607.7 (Maximum financed renovation costs for CHOICERenovation® Mortgages), dated 10/02/24, as published in the Guide as of Bulletin 2026-11 (August 12, 2026). Freddie Mac changed this section: the Guide as of Bulletin 2026-13 (October 7, 2026) carries a revised text (Bulletin 2026-13 (January 25, 2027)). Retained because a loan or exam period governed by the earlier text needs the version in force at the time.
Superseded — retained for reference. The operative requirements have moved to the current rule (see the description above).
Verbatim regulatory text
Verbatim provisions from SUPERSEDED — prior version (Guide as of Bulletin 2026-11, published August 12, 2026) — Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed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.
[SUPERSEDED] Freddie Mac Single-Family Seller/Servicer Guide 4607.7 — Maximum financed renovation costs for CHOICERenovation® Mortgages
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.
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Source of record: https://claudeforcompliance.com/regs/fhlmc-4607-7-superseded-2026-10/
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