Bulletin 2023-029 New Product Launch: Freddie Mac CHOICEHome

New Product Launch: Freddie Mac CHOICEHome

Newrez LLC "Newrez" Approved Correspondent Clients: Newrez is pleased to begin accepting the purchase of the Freddie Mac CHOICEHome Program, offering low down payment loans for qualifying factory built homes with features typical of traditional site-built single family homes.


The Conforming and Home Possible Product Summaries have been updated to reflect these changes. In addition, the Newrez Conforming Underwriting Guide chapters have been updated for property type and appraisal requirements.


Product Highlights


  • Loan Product Advisor (LPA) requirements:
    • Must receive an LPA Accept
    • Must select the following in LPA:
      • “Detached” as the subject property “Attachment Type”
      • “Manufactured” as the subject property “Construction Method Type”
      • “MultiWide” as the subject property Manufactured “Home Width Type”
      • “CHOICEHome” as the subject property “Loan Program Identifier”
    • LPA does not distinguish between single-wide and multi-wide units
  • Multi-wide units only
  • Up to 97% LTV
  • Up to 105% combined LTV with Affordable Seconds financing only
  • Appraisal waiver not permitted
  • Home Possible eligible
  • Financed Mortgage Insurance up to 97% combined LTV
    • Reduced MI coverage required available for Fixed Rate terms ≤ 20 years
  • Standard Manufactured Housing LLPA of 0.50% is waived for this program
  • CHOICEHome sticker will be affixed by the manufacturer to homes that meet CHOICEHome eligibility criteria
  • CHOICEHome construction elements must be met and verified: Foundation and Elevation design must meet CHOICEHome requirements
    • Verify with either appraiser or engineer certification
  • Offers client ability to expand relationships with Participating Manufacturers