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FHA - Serving the American Homebuyer Since 1934 Marketing Programs to First Time Homebuyers Kenneth J. Lobene Office Director, Las Vegas HUD Office Lorraine.

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Presentation on theme: "FHA - Serving the American Homebuyer Since 1934 Marketing Programs to First Time Homebuyers Kenneth J. Lobene Office Director, Las Vegas HUD Office Lorraine."— Presentation transcript:

1 FHA - Serving the American Homebuyer Since 1934 Marketing Programs to First Time Homebuyers Kenneth J. Lobene Office Director, Las Vegas HUD Office Lorraine Griscavage-Frisbee Single Family Housing Specialist

2 FHA FHA - Serving American Homebuyers Since 1934 Class Overview  Introduction – Marketing Conditions and the First Time Homebuyer  HUD programs for First Time Homebuyers  Strategies for a Successful Marketing Campaign

3 FHA Market Conditions Housing Market in Las Vegas History Trends Impact on First Time Homebuyers FHA - Serving American Homebuyers Since 1934

4 FHA FHA - Serving American Homebuyers Since 1934 HUD Programs for the FTHB  FHA financing programs  Downpayment Assistance  Housing Counseling

5 FHA FHA - Serving American Homebuyers Since 1934 Benefits of FHA No prepayment penalty Fully assumable mortgage - Credit qualifying required; $500 cost No credit qualifying streamline refinance FHA loan to FHA loan

6 FHA FHA - Serving American Homebuyers Since 1934 Benefits of FHA 3.5% minimum cash investment Gifts/secondary financing from acceptable sources can be used for buyer’s 3.5% minimum cash investment Sellers can contribute up to 6% to closing costs Competitive interest rates Usually priced better than blended or Interest Only mortgage products One loan instead of two

7 FHA FHA - Serving American Homebuyers Since 1934 Programs to Help FTHB Fix Up Loan - Streamline (k)  Allows for finance of repairs after close of escrow  No minimum repair amount  Maximum repairs (up to $35,000) – items identified on appraisal must be repaired first  Can be used for purchase (including HUD REO properties) or refinancing with rehabilitation

8 FHA FHA - Serving American Homebuyers Since 1934 Rehab Loan - 203(k) Rehab Loan - 203(k)  For more complicated, structural repairs/upgrades  Minimum of $5,000 in improvements  Health and safety issues first  Structural alterations  Modernize property  Handicap accessibility

9 FHA FHA - Serving American Homebuyers Since 1934 Rehab Loan - 203(k)  Up to 6 months mortgage payments can be financed as part of the mortgage  Lender escrows funds and pays to homeowner/contractor in up to 5 draws  Requires 203(k) consultant  As repaired appraisal must support loan amount for repaired property  Higher upfront MIP and other costs for borrower

10 Section 8 Housing Vouchers  Use voucher to help qualify for mortgage or use for downpayment Assists in distributing participants into mixed income areas  Public Housing Authorities administer program  Usually require graduation from Family Self Sufficiency Program

11 FHA Downpayment Assistance HUD provides funding directly to municipalities HOME and Neighborhood Stabilization Program are two primary sources of downpayment assistance Municipalities usually work with lenders to reduce loan costs FHA - Serving American Homebuyers Since 1934

12 FHA FHA - Serving American Homebuyers Since 1934 HUD Approved Housing Counseling Agencies  Offer a variety of first time homebuyer programs including homebuyer education, pre-purchase, post- purchase, and credit counseling  Services are offered for free or minimal costs (based on client’s ability to pay)  Agencies compete for HUD housing counseling grants on a yearly basis  May also administer downpayment assistance programs for local and state municipalities

13 FHA Marketing Strategies  Partnerships  Outreach  Education  Marketing Materials  Marketing Plan FHA - Serving American Homebuyers Since 1934

14 FHA Partnerships Key to any successful marketing strategy is identifying your community partners: Local and state trade groups – lender and realtor groups, chambers of commerce Housing Counseling agencies Local Government contacts Real Estate companies (networking opportunities) FHA - Serving American Homebuyers Since 1934

15 FHA Outreach Opportunities Industry Groups – local charters of National Association of Realtors, Hispanic Real Estate Professionals, National Association of Real Estate Brokers, Mortgage Brokers Association, Mortgage Bankers Association Offer to speak at monthly meetings about your programs FHA - Serving American Homebuyers Since 1934

16 FHA Outreach Opportunities Purchase booth space at industry events such as a realtor rally or annual event Purchase booth space at public events and celebrations Volunteer to be guest speaker on local radio or TV (review your agency media outreach policy first) Write articles for industry publications FHA - Serving American Homebuyers Since 1934

17 FHA Education Outreach Design a continuing education class for real estate licensees Seek approval for CE credits from state real estate division Offer class for free to real estate agents (market to industry partners and individual companies) FHA - Serving American Homebuyers Since 1934

18 FHA Developing Marketing Materials Benefit analysis – why should a real estate professional recommend your program? Develop program specific materials Written material should be short and colorful Powerpoint presentations concise –use bullets FHA - Serving American Homebuyers Since 1934

19 FHA Marketing Plan List your program parameters: clientele and eligibility requirements Identify all the Players (clients, government, nonprofit, and industry partners) Identify Resources to implement plan Marketing budget – maximum impact Freebies – PSAs, guest speaker FHA - Serving American Homebuyers Since 1934

20 FHA Marketing Plan Outline specific marketing strategies based on your budget and outreach goals Set goals for the marketing plan – how many outreach events and speaking engagements do you plan to attend? How many people do you want to reach? Evaluate and revise the plan over time FHA - Serving American Homebuyers Since 1934

21 FHA Local Successes Exceeded yearly management goals Well established relationships with industry groups Helped create a housing counseling coalition Educated over 1000 real estate sales persons over the last 5 years with CE class FHA - Serving American Homebuyers Since 1934


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