IRVINE, Calif.--(BUSINESS WIRE)--Impac Mortgage today announced entry into the FHA 203(k) rehabilitation lending market. Impac Mortgage will offer both Standard and Streamline 203(k) products through its consumer lending division starting in September. The new products will allow Impac Mortgage to offer renovation financing to homeowners and home buyers.
At a time when rehabilitation lending should be at its height, many lenders have vacated the market due to transaction complexities and lack of infrastructure. Current market conditions are demanding a solution to an aging housing stock, which creates an ideal environment for the renovation lending offerings.
“With 70% of the America’s housing stock being built before 1992 and too many foreclosed properties damaged and uninhabitable, we see a tremendous opportunity to meet the demands of an underserved market,” said Impac Mortgage President William Ashmore.
To support the offering Impac Mortgage has formed a relationship with RenovationReady® to provide complementary services to home buyers interested in renovation or rehabilitation of their homes. The agreement between Impac Mortgage and RenovationReady® brings together more than 50 years of traditional and renovation lending know-how.
Impac Mortgage’s consumer lending division offers a wide range of lending products including Renovation, Reverse, Conventional, FHA/VA/USDA and Jumbo financing. Call (855) 434-6722 or visit www.impacmortgage.com to learn more.
About the Company
Excel Mortgage Servicing, Inc., dba Impac Mortgage, is a wholly owned subsidiary of Integrated Real Estate Service Corp., which, through its subsidiaries, offers a wide range of integrated consumer and business services within the mortgage and real estate marketplaces. www.ImpacMortgage.com
RenovationReady® provides property certification, loan fulfillment, and unique risk management services to enable bank or mortgage professionals to originate, process, underwrite and administer renovation loans, such as FHA 203(k) and FNMA HomeStyle or HomePath. Through a turn-key model of inspection, qualification, and certification, RenovationReady® ensures that each property’s unique needs are addressed, and the repair process is completed. RenovationReady® is a joint venture between Granite Companies and Chadron Group, LLC. These companies and their principals have shared experience in managing the nation’s largest consumer construction and home improvement platforms for lenders, banks, and government agencies. www.RenovationReady.com