RISMEDIA, September 15, 2010—In today’s housing market, many homes for sale are in need of repairs and renovations. The FHA Streamlined 203(k) program helps add money into a mortgage for repairs and renovations. Lowe’s and REbuildUSA are partnering to bring a national in-store program offering customers a one-stop destination for all of their repairs, renovation products and services needs.
“Homes needing renovation are typically the very best buys available; however, most prospective buyers have no idea how to finance both the purchase of the home and the renovation work required,” says Dennis Walsh, CEO of REbuildUSA. “The FHA Streamlined 203(k) offers a competitive solution. At the same time, millions of current homeowners could also benefit from this program that offers excellent rates and the ability to make improvements to their homes. We’re excited to partner with Lowe’s to make use of the Streamlined 203(k) much easier than ever before.”
The FHA Streamlined 203(k) renovation loan program provides funds for both the purchase and renovation of eligible homes packaged into one mortgage loan. Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors. There were approximately 21,000 FHA 203(k) loans in 2009, including Streamlines.
To that end, most recently, Lowe’s added preferred lending partner Bank of America, which will help coordinate financing options for both renovations and home purchase with renovations through the Streamlined 203(k) loan, increasing the Lowe’s stores footprint with Bank of America’s locations.
“Lowe’s is working with REbuildUSA to be the home improvement solution for products and services required by a Streamlined 203(k) loan,” says Mark Malone, vice president of consumer marketing for Lowe’s. “We can help facilitate the needs of home buyers acquiring distressed properties and facilitate the process of getting their projects done.”
And for the industry’s top leaders, they believe this announcement is coming at just the right time.
“Every real estate professional needs to know about this great opportunity in today’s market,” says Dave Liniger, chairman and co-founder of RE/MAX LLC. In fact, Liniger recently presented the REbuildUSA program to RE/MAX agents during a live broadcast via RE/MAX University.
“[This program] is nothing less than the future of real estate,” explains Ed Krafchow, president and CEO, Prudential CA/NV Realty. “If you’re serious about success in this business, you’ve got to get involved in this ground-breaking program.”
Specially trained Lowe’s associates in stores across the country, except in Texas, can help the customer plan the project and select products and Lowe’s independent subcontracted installers can handle the installation. The program allows Streamlined 203(k)-qualified customers to have a huge selection of products and services under one roof, and it gives customers the ability to immediately improve their homes by adding equity with the repairs and renovations.
Concludes Alex Perriello, president and CEO of Realogy Franchise Corp.: “REbuildUSA is a concept whose time has come and will have a positive impact on the real estate industry and homeownership in America.”
With fiscal year 2009 sales of $47.2 billion, Lowe’s Companies, Inc. is a FORTUNE® 50 company that serves approximately 15 million customers a week at more than 1,700 home improvement stores in the United States, Canada and Mexico. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.
REbuildUSA™ is dedicated to “rebuilding America one dream at a time.” Its industry leading 203(k) Specialist designation training, membership support, lead generation, marketing solutions and exclusive online Project Portal™ fulfillment platform help consumers, lenders and real estate professionals leverage the power of the U.S. Government FHA 203(k) Home Purchase and Renovation Loan program. The parent company, Dennis Walsh & Associates, Inc., has delivered cutting-edge education and sales and marketing solutions to more than 80,000 associates of the world’s leading real estate organizations since 1988. REbuildUSA™ is proud to work with Lowe’s as its home improvement partner, Pillar To Post as its home inspection partner and a who’s who of the nation’s most successful real estate organizations and leading mortgage lenders. As members of REbuildUSA™, these industry leaders are able to more effectively open up many more home ownership opportunities and stimulate the economy while improving homes and communities across America.
For more information, http://www.REbuildUSA.com.