RealtyTrac has launched a new Renovation Loan Center powered by proven renovation loan specialist REbuildUSA, to help buyers and homeowners more conveniently take advantage of one of real estate’s best kept secrets: the Federal Housing Administration’s 203k renovation loan program.
Whether the consumer is purchasing a new home, or refinancing an existing one, both stand to benefit from the power of the longstanding but underutilized FHA 203k loan. Established in 1978 to improve housing conditions and ownership opportunities, the 203k program provides hope for homebuyers who want to purchase a home and make improvements at the same time — all wrapped up in one loan. The program also allows homeowners to refinance their existing home and make improvements with a new single loan — even if the homeowners have as little as 5 percent equity in the home.
Both homebuyers and homeowners can secure a 203k loan with as little as 3.5 percent down and for a loan amount that is up to 110 percent of the after-repair value of the home.
“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,” said 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.”
”All across America there are families and individuals bringing their dream of home ownership to life leveraging the power of the FHA 203k Renovation Loan Program,” said Dennis Walsh, co-founder of REbuildUSA. “At the same time, there are many more who have no idea this opportunity exists. That’s why we describe it as ‘Real Estate’s Best Kept Secret.’
“All of us at REbuildUSA are excited to be partnering with the dynamic team at RealtyTrac to help more Americans take advantage of this opportunity to improve their lives and financial future,” Walsh added.