This is a great program to launch just after the first weekend of summer.
First Guaranty Mortgage Corp. (FGMC), McLean, Virginia, is partnering with APD Solutions (APDS) and Home Depot to present its Rebuild the Dream initiative. Rebuild the Dream will seek to accelerate the resale of bank-owned (REO) properties and help rebuild the housing stock nationwide by reducing the time cycle on the sale of such properties, as well as improving the sale prices. The initiative will provide incentive to homebuyers and Realtors alike to use rehabilitation loans to increase the value and appeal of REO properties which would often otherwise be marketed in a state of disrepair. FGMC is a national, full-service mortgage lending firm offering mortgage solutions to clients of varying income and credit types.
The Rebuild the Dream program will confront the misperception that renovation loans, several of which are offered through the U. S. Department of Housing and Urban Development (HUD) and Fannie Mae, can be time-consuming, complex and administratively burdensome to close. By facilitating and encouraging the use of such loan products, FGMC will seek to expedite REO sales at more stable pricing.
The Rebuild the Dream Team will collaborate with Realtors, REO asset managers and real estate agents to coordinate the marketing of REO properties, and will manage the administrative requirements associated with a rehabilitation loan through closing, cutting the time and guesswork often associated with the process.
Additionally, FGMC will be partnering with Atlanta-based APDS, a national neighborhood revitalization firm providing services and strategies that impact community development. APDS uses community development consulting services and a comprehensive network of real estate services to design and implement neighborhood-based programs. In partnership with Home Depot, Inc. (NYSE: HD), APDS will provide high-level customer service and coordination on the delivery of the renovation services to be facilitated by the rehabilitation loans, including contracting on the rehabilitation work.
FGMC Senior Vice President Andrew Peters describes the Rebuild the Dream process. “This initiative will work to smooth the transaction for Realtors who otherwise would have avoided the rehabilitation loan. We believe that many have avoided such products because of a misperception that the 203 (k) loan is time consuming and difficult to close. Our team will work with asset managers and Realtors to cut through the proverbial “red tape.” Now, a Realtor will be able to market a bank-owned property to prospective buyers, suggesting they customize the house as though it were brand-new.”
APDS Business Development Director James Cromartie believes Rebuild the Dream will have a positive impact on any number of neighborhoods beset by foreclosure. “Very few bank-owned homes come through the foreclosure and repossession period in good condition, which makes them far less appealing to potential buyers. The result is that bank-owned homes tend to stay on the market for extended periods of time. Rebuild the Dream will help shorten that period, putting people back into homes, and neighborhoods, more quickly—all to the community’s benefit.”
For more information about Rebuild the Dream, please contact Andrew Peters at firstname.lastname@example.org.