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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

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marketing programs to first time homebuyers

Marketing Programs to First Time Homebuyers

Kenneth J. Lobene

Office Director, Las Vegas HUD Office

Lorraine Griscavage-Frisbee

Single Family Housing Specialist

class overview
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
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
HUD Programs for the FTHB
  • FHA financing programs
  • Downpayment Assistance
  • Housing Counseling

FHA - Serving American Homebuyers Since 1934

benefits of fha
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
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
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
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
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
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
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
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
Marketing Strategies
  • Partnerships
  • Outreach
  • Education
  • Marketing Materials
  • Marketing Plan

FHA - Serving American Homebuyers Since 1934

partnerships
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
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
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
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
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
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
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
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