Recently Freddie Max started offering a new product to homeowners to help them remodel and spruce up their properties. The new mortgage product will offer greater flexible financing options for aging homes. As homes age, many homeowners are wanting to remodel and update their homes. With this new loan product, homeowners will be able to finance or refinance fixer-uppers. In addition, eligible home buyers can combine a home and finance a fixer-upper loans into single mortgage. Research is showing that there are larger number of older homes in need of repair which is an option when buying a home. This option gives the homeowner the opportunity to purchase and upgrade using less or no cash to finance their new home. In regards to natural disasters, borrowers can use ChoiceRenovation mortgage to repair property as a result of natural disaster. In addition, they can use this mortgage for renovations to prevent damage from future disasters. These renovations can include surge barriers, foundation and retaining walls.
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