For remodelers looking to expand their business in a new market, the Ready4Remodel program provides some unique benefits.
Started by FHA 203(k) specialist and Renovation Lending Institute (RLI) founder, Skip Schenker, Ready4Remodel offers home buyers financing solutions with a 203(k) loan on home purchases that are in need of renovation.
The program then gives remodelers “the opportunity to get remodeling work from home buyers purchasing older or distressed homes in need of repairs, remodeling, or renovation,” Schenker says.
Ready4Remodel requires interested contractors to become Renovation Lending Certified Professionals (RLCPros) through training courses with RLI partner site, DefaultSchool.com.
Once certified, contractors are added to the program’s national map, where home buyers and real estate agents can locate and contact them.
The map also helps RLCPros find local mortgage lenders, real estate agents, and home inspectors with which to create partnerships. Remodelers can increase referrals by networking with these professionals.
A notable benefit for remodelers is that they are paid by the lenders, rather than by the home buyers.
Schenker says, “The nice thing is that all funds are held in a construction management account from the bank or mortgage lender.” And because loans are based on the market value of the home after repair, jobs tend to be larger and are not limited to one type of remodeling. —Courtney Wood, editorial intern, REMODELING.
More REMODELING articles about 203(k) loans:
In Foreclosures, An Opening
How FHA-Insured Loans Can Help Homeowners Afford to Remodel