To spur buyers and homeowners to take advantage of the Federal Housing Administration's 203k renovation loan program, RealtyTrac has introduced a new Renovation Loan Center powered by REbuildUSA.
Using this Web-based resource, buyers and homeowners can gain access to a nationwide network of lenders and real estate agents who can help them make decisions about home improvements, as well as find information on how to harness the benefits of the 203k program.
The program is geared for homebuyers who want to purchase a home and make improvements at the same time. It also allows homeowners to refinance their existing home and make improvements using a single loan.
Homeowners with as little as 5% equity in the home are eligible, and the loans can be secured with as little as 3.5% down.
‘Much of the nation's housing inventory is in need of at least some revitalization, whether that be vacant foreclosures that have fallen into disrepair or non-distressed homes with deferred maintenance keeping the home off the market,’ says Jamie Moyle, CEO of RealtyTrac. ‘This partnership with REbuildUSA allows RealtyTrac to conveniently connect the dots between purchase and cost-effective property rehab for the millions of users searching our website for the best real estate deals each month, as well as for homeowners who want to improve their home and their home's market value and finance that improvement with today's low interest rates.’
Founded by Dennis and Teresa Walsh, REbuildUSA's goal is to make homeownership possible for more Americans. The company aims to educate consumers about homeownership and connect them with real estate professionals throughout the U.S.
The Walshes recently co-authored a book titled ‘Real Estate's Best Kept Secret’ that serves as a comprehensive resource on the 203k loan program.