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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. - PowerPoint PPT Presentation
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2011 Housing Innovation MarketplaceWhat’s Up with Government Products
January 25, 2011
Jacki J. Young, NIFASingle Family Program Manager
Single Family Program
2010 Loan ProductionLoan CharacteristicsDownpayment Assistance LoansProgram Purchase PricesProgram Changes in 2011
2010 Closed Loan Production
Total # Loans 1,583
Total $ Loans $157.7 million
Loans in Urban Areas 60%
Average Loan Amount (urban) $115,000
Loans in Rural Areas 40%
Average Loan Amount (rural) $85,000
Average Household Income $47,203
Average Borrower Credit Score 701 (50% above 700)
Average Total Debt Ratio 38%
Loans by Product FHA-77%, RD-19%, VA-4%
Downpayment Assistance Loans
NIFA has been providing assistance since 1996Closed over 13,000 loans with second mortgages to dateImportant resource for borrowers who do not have reserves or family members to provide gift fundsHelps borrowers with reserves to maintain funds after closing for emergency and deferred maintenance
HBA ProgramRedesigned in 2010NIFA must provide first mortgage loan in connection with assistance loanAmortizing second mortgage loan with monthly principal and interest paymentsFirst mortgage rate is .50% higher than NIFA’s unassisted mortgage rateSecond mortgage rate is 3%Second mortgage amount cannot exceed 3% of the purchase priceTerm is 7 years (84 months)Borrower minimum investment of $1,000No cash back
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
NIFA Program – Average Purchase Price
Urban Rural50,000
75,000
100,000
125,000
200820092010
78,05677,959
113,904111,175115,210
85,730
Program Changes for 2011
Development of a conventional insured loan productAdding 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 financingRedesign of the NIFA website that will include more information with easier access for all audience groupsEnhancing our Lender on Line site to improve efficiencies with loan originations
Contact Information:
Jacki J. Young, Single Family Program ManagerEmail address: [email protected] Phone number: (402) 434-3915Website address: www.nifa.org
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