For the third consecutive year, Homebridge Financial Services has been ranked first in helping homebuyers with their renovation mortgage needs, according to the U.S. Department of Housing & Urban Development (HUD) year-end 203(k) Endorsement Summary. Homebridge first began offering 203(k) loans in 2011, and has made them a priority because their unique attributes can help customers breathe new life into distressed or outdated properties.
“Unfortunately for homebuyers, renovation mortgages are one of the best-kept secrets in our industry and a very misunderstood loan category,” said Steven Marshall, Homebridge’s national director of renovation lending. “They should be on the radar of almost any homebuyer, and even homeowners looking to renovate, but they’re not because many lenders do not offer them to their customers. When a borrower cannot find a home that meets their needs in terms of location, design and affordability, they delay their purchase and the entire housing market suffers. Homebridge’s success with renovation mortgages is due to both the expertise our associates have with these loans, and the interest our customers have in them once they discover these mortgages are a viable option.”
In its report, HUD stated that Homebridge 203(k) loan production was 20 percent higher than the second-highest lender on HUD’s report, and 46 percent more than the third-highest lender on HUD’s 203(k) endorsement report.
Housing markets where Homebridge was the leader in FHA 203(k) loans include: New York; Los Angeles; San Antonio, Texas; Jacksonville, Fla.; Columbus, Ohio; Washington, D.C.; Boston; Baltimore; Miami, Fla.; Tampa, Fla.; Pittsburgh; Newark, N.J.; and Burlington, Vt.