CHOICERenovation® and Planet Home Lending: The Right Choice for Your Business
Your business requires choices. No pipeline is successfully filled with a single type of loan. At Planet, we understand that, which is why we’re committed to offering our correspondent partners a range of choices to help you meet a wide array of borrower needs.
We’re proud to announce that we have added Freddie Mac’s CHOICERenovation® to our full, existing suite of renovation solutions to help you expand your reach — and grow your bottom line.
What is CHOICERenovation®?
Complementary to Fannie Mae’s HomeStyle® loans, which we also offer, a Freddie Mac CHOICERenovation® loan allows borrowers to purchase and pay for remodels to a home with a single loan. Energy-efficiency improvements, home offices, even luxury or landscaping upgrades are all possible. With limited cash-out refinances available as well, this is an excellent option for everyone from empty nesters to multigenerational families to millennial and Gen Z homebuyers just starting out.
Additionally, a variety of property types are eligible for CHOICERenovation® loans:
- 1-4 unit primary residences
- Manufactured homes
- Single-unit second homes
- Single-unit investment properties
- Condos or units in PUDs
CHOICERenovation® mortgage loans also help address the problem of low inventory. The lack of starter homes is an ongoing conversation, both in professional circles and the media, but with a renovation loan, borrowers can buy a property in need of improvement that fits in their price range, then modernize it. Renovation gives you more options for homebuyers frustrated at being outbid, too. Fixer-uppers may not generate quite as many bidders as turn-key properties.
What other renovation options does Planet Home Lending offer?
Because we understand that different borrowers have different needs, CHOICERenovation® is the newest addition to a full renovation loan suite designed to give you optimum flexibility.
“To me, this product is an excellent way to add liquidity,” says Jim Bopp, Planet’s VP of National Renovation Lending. “At Planet, we’re all about offering our partners more: more choices, more flexibility, and more opportunities to grow their bottom line. CHOICERenovation® is yet another way to turn shoppers into buyers and pre-qual pipelines into closed loans.”
- To serve those who serve our nation, we offer the VA renovation loan. Like other VA products, this rehab loan offers low interest rates and zero down payment for qualified borrowers.
- To complement the Freddie Mac product, we offer Fannie Mae’s HomeStyle®. Another all-in-one remodel solution, this product is available for buyers or refinancers.
- To assist government borrowers, we offer FHA Standard and Limited 203(k) loans. Available for purchase or refinance, these loans cover projects both large and small.
Delegated or non-delegated, we can customize our programs to meet your needs.
Why work with Planet Home Lending?
CHOICERenovation® is just one reason to trust Planet Home Lending with your business. In addition to a strong renovation suite, we purchase government-backed FHA, VA, and USDA loans as well as FNMA and FHLMC loans.
As Jim said in a recent article featured on Scotsman, “Today’s headlines warn that the inventory of homes for sale will continue to be low for months if not years. Mortgage lenders and originators may wonder where their purchase loan volume is coming from for the remainder of this year and beyond. Delving beyond the headlines, however, reveals an opportunity to expand purchase volume, move prequalified clients into homes and benefit local communities by offering renovation-based purchase and refinance loans.”
To make the most of these opportunities, you need a professional partner with the expertise and knowledge to handle whatever you have in your pipeline, however you best need to deliver. Whether you prefer best effort, mandatory, or bulk purchases, Planet has both high-touch service and competitive pricing.
Flexibility. Options. Choice. That’s why you should consider CHOICERenovation®, and that’s why you should consider Planet Home Lending.