Norwest Promoting Renovation Loans

Norwest Mortgage Inc., Des Moines, Iowa, has launched a program to increase renovation loan production nationwide and promoted Desmond P. Smith to vice president-national renovation manager to head the consumer lending sales team.Norwest now offers FHA 203(k) and Fannie Mae HomeStyle loan programs, which allow borrowers to buy or refinance a home and receive additional funds to repair or renovate the property with a single loan, the company said. "With downpayments as low as 3%, homebuyers are missing out on a great opportunity to make a property what they want from the beginning," Mr. Smith said. "These programs save homebuyers from using high-interest credit cards and high-interest construction or subprime loans to finance home renovations." Norwest said Mr. Smith will focus on increasing 203(k) and HomeStyle loan volume through the company's retail sales force and will oversee divisional and regional efforts related to renovation loan operations.