Freddie Mac has expanded its GreenCHOICE Mortgages program to include more financing options for families with lower incomes that are looking to make green and/or energy-saving home repairs and improvements.

“Older homes tend to be more energy inefficient, which may raise the cost of homeownership and may make them more difficult to maintain,” said Mike Dawson, vice president of Single-Family Affordable Lending Strategy and Policy at Freddie Mac.

“GreenCHOICE Mortgages is part of a multiyear initiative to facilitate energy-saving improvements that could help families better sustain homeownership. Freddie Mac is committed to making mortgage lenders and real estate agents aware of these products and the value they bring to the housing market.”

At present, many traditional mortgage underwriting methods do not usually consider utility expenses and energy-efficient construction. The GreenCHOICE Mortgages program and the data it collects will help Freddie Mac develop and design valuation and underwriting guidance for energy-efficient features.

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