As we begin to thaw out from winter and finally into spring, renovation and home improvement projects start to be discussed. Winter storm damage as well as remodeling projects are on the rise. Furthermore, limited inventory and increasing home prices have brought headwinds to the purchase market. In an article in Remodeling.com, a study by Metrostudy forecast that home improvement/remodeling will be steadily increasing in 2018 and continue through 2020 (and possibly beyond).
"Job growth is steady and the unemployment rate has fallen to a 17-year low," (Mark Boud, chief economist at Metrostudy)…Boud continued. "A tight labor market translates to companies having to compete more intensely and pay higher wages for workers. At the same time that American workers receive more pay, the remodeling industry also stands to benefit greatly, as mortgage rates rise from historical lows over the next few years. With the housing market tight and home prices high, higher rates will persuade more Americans to stay put and remodel the homes they currently have, rather than buy a new home.”
Read the full Metrostudy article here.
PRMG is here to meet that demand with our 203k Renovation Program!
Currently, though our retail channel, we offer the Limited 203k product and will be releasing the Standard 203k product company-wide for retail borrowers in the second quarter of 2018. Either light cosmetic repairs or complete major remodels will be allowed, once both products are available. New kitchens, bathrooms, paint, HVAC, windows, solar, roofs, flooring…or repair conditions such as termite, lead based paint, leaking roof, etc. This program solves those problems and also provides the dream home for your clients. For your Realtor partners this opens up a much wider inventory to show. Instead of having to find the perfect property for the buyers, some imagination can open up opportunities.
We are launching the Renovation Department here at PRMG to facilitate, support, and execute the complex renovation and construction portion of the transaction. With over 20 years of experience in renovation, we have seen it all. From origination, to field inspections, to construction, to servicing…our aim is to execute the construction with efficiency while maintaining compliance and at the same time providing the highest level of customer satisfaction.
What can YOU do with PRMG's FHA Streamlined 203K?
- New Kitchen!
- New Floors!
- New Bathroom!
It's also Great for...
- Short Sales!
- 1st Time Home buyers!
Contact us at Renovation@prmg.net for more information.