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THE INNOVATIVE FHA 203(k) program is helping our housing market get back on its feet. Across the country, there are millions of homes that are old, antiquated and distressed. These homes simply cannot be sold through traditional lending programs – making renovation loans like the FHA 203(k) & HomePath the best financing solution outside of cash only transactions. Unfortunately, over 40% of today’s renovation transactions fail. That’s where RLI comes in.
RLI has a powerful solution designed to ensure the highest success rate in the industry including: a documented cradle-to-grave system that reorders the process to minimize fall-out and speed up the contract-to-close timelines. Teamwork is critical and RLI University is where the key players are trained to learn the process necessary to ensure success. They learn pre-marketing, roles, timelines, templates and critical handoffs to get a home “Remodel- Ready” to attract owner-occupant buyers. This process was developed and optimized over the last 15 years of successfully completing and managing over 1,000 renovation and construction loan transactions. Certification training for all members of the team – the Listing Agent, Buyer’s Agent, Lender and Contractor – ensures there are no weak links on the team; RLI Certified team members qualify to accept orders from Renovation Lending Institute’s partners and clients. These orders include distressed listings to be marketed to owner-occupant buyers.
At RLI, we understand that success with FHA 203(k) & HomePath Renovation transactions depends on teamwork. We ensure team success by giving each key player the tools and training needed at RLI University. Listing agents will have the opportunity to get more listings from our clients who are looking for professionals to sell distressed properties to owner-occupant buyers who will pay 10% - 20% more than cash buyers.
Buyer’s agents will learn innovative selling skills that teach them how to sell a vision of what the home could be; not what it currently is and finance all the remodeling costs into their new loan with just 3.5% down. This brings fun back to selling as we turn distressed properties into customized homes that buyers will enjoy for many years.
Lenders will have access to the tools developed by experienced loan officers to simplify the origination and closing process. They will increase loan volume and build new strategic partnerships. RLI’s platform help real estate professionals make a difference in the communities they serve.
Contractors and home inspectors play an important role in the success of the “Remodel-Ready” transaction. Often times buyers make offers on homes without knowing what the true repair cost is going to be. The RLI contractor will be assigned to provide bids on properties in need of repair before the home hits the market. They will have the opportunity to work with the eventual buyer to create their newly customized home. This creates a WIN-WIN for the buyer, seller, community and the economy.
RLI Industry professionals committed to revitalizing our nation’s housing stock and creating sustainable homeownership.