Impac Mortgage is offering renovation financing to homeowners through its consumer lending division. The Irvine, Calif.-based company will offer both standard and streamline 203(k) products.
“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,” Impac President William Ashmore said.
The Irvine, Calif.-based company partnered with RenovationReady to support the offering by providing complementary services to homebuyers interested in renovation or rehabilitation of their homes. RenovationReady, which is based in Centennial, Colo., provides property certification, loan fulfillment and risk management services to enable mortgage professionals to originate and process renovation loans.
The nation’s aging housing stock is creating an environment for renovation lending offerings.
Last week, Prospect Mortgage launched a renovation lending correspondent division to help lenders address the needs of their customers searching for renovation loans.