MOORESVILLE, N.C. - 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 an in-store program offering customers a one-stop destination for most of their 203(k) 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,” said 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 competitive 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.”
After several years of recessionary times, an abundance of homes offers buying opportunities for millions of Americans. Additionally, more than 100 million homes in the United States were built before 1990, many of which could benefit from renovation and modernization.
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.
“Lowe’s is working with REbuildUSA to be the home improvement solution for products and services required by a Streamlined 203(k) loan,” said 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.”
Lowe’s associates in stores across the country, excluding 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 improve their homes by adding equity with the repairs and renovations.
The FHA-insured Streamlined 203(k) loan is provided through approved lenders nationwide and is available to owners who will occupy the home themselves. Down payment, credit qualification, loan limits and other requirements are the same as standard FHA loans. Additional guidelines exist specific to Streamlined 203(k) loans to provide for renovation of the home.
"Rather than waiting for things to get better, real estate professionals and homebuyers should know about this program that allows them to take advantages of the properties out there today," said Walsh. "I'm most excited about our unique combination of partners, technology, marketing, training and support that allows each of us a way to play a role in improving communities, stabilizing the housing industry, stimulating the economy and helping more Americans enjoy the benefits of home ownership."
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.
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.
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