With distressed and bank-owned properties often in need of work to make them move-in ready, more lenders are offering renovation loans backed by the Federal Housing Administration. Irvine, Calif.-based Impac Mortgage says it will offer both standard and streamline FHA 203(k) loans through its consumer lending division starting in September. Sherman Oaks, Calif.-based Prospect Mortgage is opening a correspondent lending division to help lenders serve customers in search of FHA renovation loans. "With so many REO and foreclosure properties available today, renovation lending has grown from a niche product to one of the best financing solutions in today's market," said Doug Long, president of Prospect Mortgage Retail and Correspondent Lending, in a statement. Correspondent lenders o...
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