"Speed, accuracy and experience are critical drivers in the success of home renovation projects, whether it's a minor repair or large-scale remodel."
Denver, Colorado (PRWEB) July 26, 2012
RenovationReady® has partnered with the 203k Contractor Program, the source for Certified 203k Contractors, making it easier for consumers, real estate professionals and lenders to find 203k-experienced/educated contractors qualified to oversee home renovation projects financed with FHA 203k renovation loans. Access to the 203k Contractor Directory’s geographic listing of Certified 203k Contractors is available at http://www.203kContractors.com® or http://www.renovationready.com/resources/contractor-resources.
“Partnering with Paul Welden and the 203k Contractor Program creates a unique, combined resource for homebuyers and homeowners interested in renovation loans and remodeling contractors,” said Jim Fraser with RenovationReady®. “Speed, accuracy and experience are critical drivers in the success of home renovation projects, whether it’s a minor repair or large-scale remodel. We underwrite contractor profiles to meet lender credit standards and the 203k Contractor Program, through its 203k Contractor Education Course, helps contractors prepare for the specific FHA 203K pre-close and post-close procedures.”
Fraser explained that 203k renovation loans are more complex when compared to standard home purchase or refinance loans. These renovation loans provide the funds to purchase or refinance the property “as is” and finance the repairs. Funds for the repairs are disbursed after loan closing as the rehabilitation work is completed.
“Since contractor acceptance is a critical part of the loan approval process, lenders and borrowers benefit from convenient access to the 203kContractors.com’s® Certified 203k Contractor Directory to ensure the selected contractor has the experience, expertise and necessary qualifications to complete the proposed improvements,” said Fraser.
According to 203kContractors.com®, the 203k Contractor Certification Program was developed because of the need lenders, Realtors® and consumers have to work with contractors who are uniquely qualified and prepared for FHA 203k loans. Certified 203k Contractors have demonstrated a thorough understanding of FHA’s 203k loan guidelines. The 203k Contractor Certification process includes a comprehensive education course on the 203k loan as well as verification of customer and business references, license, insurance, and the contractor’s financial stability and ability to afford the start-up costs and ongoing expenses of a 203k project.
In addition to streamlining access to qualified 203k contractors, RenovationReady® offers an online property search and on-site certified property evaluation. The on-site evaluation assists homebuyers and real estate professionals in making informed purchasing decisions on the property in need of repair and ensuring the property qualifies for a FHA or Fannie Mae renovation loan.
To search for a Certified 203k Contractor or obtain a free copy of A Practical Guide to Home Renovation Lending, go to http://www.renovationready.com , or contact RenovationReady® at (866) 364-6720 to speak with a renovation loan specialist.
RenovationReady® is a joint venture between Granite Companies and Chadron Group, LLC. These companies and their principals have over 75 years of shared experience in managing the nation’s largest consumer construction and home improvement platforms for lenders, banks, and government agencies. For more information about RenovationReady® and its services, go to http://www.renovationready.com or contact Patricia Ropers, Sales Manager at (303) 925-2001 or patricia(dot)ropers(at)renovationready(dot)com.