Marketing programs to first time homebuyers
Download
1 / 21

Marketing Programs to First Time Homebuyers - PowerPoint PPT Presentation


  • 264 Views
  • Updated On :

Marketing Programs to First Time Homebuyers. Kenneth J. Lobene Office Director, Las Vegas HUD Office Lorraine Griscavage-Frisbee Single Family Housing Specialist. Class Overview. Introduction – Marketing Conditions and the First Time Homebuyer HUD programs for First Time Homebuyers

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'Marketing Programs to First Time Homebuyers' - Gideon


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Marketing programs to first time homebuyers l.jpg

Marketing Programs to First Time Homebuyers

Kenneth J. Lobene

Office Director, Las Vegas HUD Office

Lorraine Griscavage-Frisbee

Single Family Housing Specialist


Class overview l.jpg
Class Overview

  • Introduction – Marketing Conditions and the First Time Homebuyer

  • HUD programs for First Time Homebuyers

  • Strategies for a Successful Marketing Campaign

FHA - Serving American Homebuyers Since 1934


Market conditions l.jpg
Market Conditions

  • Housing Market in Las Vegas

  • History

  • Trends

  • Impact on First Time Homebuyers

FHA - Serving American Homebuyers Since 1934


Hud programs for the fthb l.jpg
HUD Programs for the FTHB

  • FHA financing programs

  • Downpayment Assistance

  • Housing Counseling

FHA - Serving American Homebuyers Since 1934


Benefits of fha l.jpg
Benefits of FHA

  • No prepayment penalty

  • Fully assumable mortgage -Credit qualifying required; $500 cost

  • No credit qualifying streamline refinance

    • FHA loan to FHA loan

FHA - Serving American Homebuyers Since 1934


Benefits of fha6 l.jpg
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

FHA - Serving American Homebuyers Since 1934


Programs to help fthb l.jpg
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

FHA - Serving American Homebuyers Since 1934


Rehab loan 203 k l.jpg
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

FHA - Serving American Homebuyers Since 1934


Rehab loan 203 k9 l.jpg
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

FHA - Serving American Homebuyers Since 1934


Section 8 housing vouchers l.jpg
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


Downpayment assistance l.jpg
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


Hud approved housing counseling agencies l.jpg
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

FHA - Serving American Homebuyers Since 1934


Marketing strategies l.jpg
Marketing Strategies

  • Partnerships

  • Outreach

  • Education

  • Marketing Materials

  • Marketing Plan

FHA - Serving American Homebuyers Since 1934


Partnerships l.jpg
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


Outreach opportunities l.jpg
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


Outreach opportunities16 l.jpg
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


Education outreach l.jpg
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


Developing marketing materials l.jpg
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


Marketing plan l.jpg
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


Marketing plan20 l.jpg
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


Local successes l.jpg
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