RealtyTrac Starts Renovation Loan Center
The Irvine-based company is hoping to help revitalize aging US housing inventory.
As the locally based RealtyTrac explains it, 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, combined into one loan.
The program also allows homeowners to refinance their existing home and make improvements with a new single loan, even if the homeowner has as little as 5% equity in the home. Both homeowners and homebuyers can secure a 203k loan with as little as 3.5% down and for a loan amount that is up to 110% of the after-repair value of the home. The new RealtyTrac renovation-loan center can be found online at www.realtytrac.com/203k.
According to Jamie Moyle, CEO of RealtyTrac, “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. 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.”
Dennis Walsh, co-founder of REbuildUSA, added in a prepared statement that all across the country, families and individuals are bringing their dream of homeownership to life by leveraging the power of the FHA 203k renovation-loan program. “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’.”
Known for its online real estate and foreclosure data, RealtyTrac has been executing some significant business moves of late. As GlobeSt.com reported last week, the firm has selected Chase International as the latest member of its RealtyTrac Network, a licensed network available to leading independent and franchised brokerage companies across the nation.
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