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2011 Housing Innovation Marketplace What’s Up with Government Products January 25, 2011

2011 Housing Innovation Marketplace What’s Up with Government Products January 25, 2011. Jacki J. Young, NIFA Single Family Program Manager. Single Family Program. 2010 Loan Production Loan Characteristics Downpayment Assistance Loans Program Purchase Prices Program Changes in 2011.

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2011 Housing Innovation Marketplace What’s Up with Government Products January 25, 2011

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  1. 2011 Housing Innovation MarketplaceWhat’s Up with Government ProductsJanuary 25, 2011 Jacki J. Young, NIFA Single Family Program Manager

  2. Single Family Program • 2010 Loan Production • Loan Characteristics • Downpayment Assistance Loans • Program Purchase Prices • Program Changes in 2011

  3. 2010 Closed Loan Production

  4. Downpayment Assistance Loans • NIFA has been providing assistance since 1996 • Closed over 13,000 loans with second mortgages to date • Important resource for borrowers who do not have reserves or family members to provide gift funds • Helps borrowers with reserves to maintain funds after closing for emergency and deferred maintenance

  5. HBA Program • Redesigned in 2010 • NIFA must provide first mortgage loan in connection with assistance loan • Amortizing second mortgage loan with monthly principal and interest payments • First mortgage rate is .50% higher than NIFA’s unassisted mortgage rate • Second mortgage rate is 3% • Second mortgage amount cannot exceed 3% of the purchase price • Term is 7 years (84 months) • Borrower minimum investment of $1,000 • No cash back

  6. Comparison of Demand for Downpayment Assistance • In 2000, 46% of NIFA’s total loan production included assistance • In 2005, 34% of NIFA’s total loan production included assistance • In 2010, 17% of NIFA’s total loan production included assistance

  7. NIFA Program – Average Purchase Price 85,730

  8. Program Changes for 2011 • Development of a conventional insured loan product • Adding a conventional product will provide more options for borrowers especially in areas that have limited lenders who can originate FHA loans and communities that are ineligible for RD financing • Redesign of the NIFA website that will include more information with easier access for all audience groups • Enhancing our Lender on Line site to improve efficiencies with loan originations

  9. Contact Information: Jacki J. Young, Single Family Program Manager Email address: jacki.young@nifa.org Phone number: (402) 434-3915 Website address: www.nifa.org QUESTIONS????????

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