Nevada Housing Division

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Presentation transcript:

Nevada Housing Division Expansion of Home Buyer Program

Who We Are Investment Banker: Raymond James Master Servicer: US Bank Program Administrator: eHousingPlus Nevada Population: 2.9 million Homeownership Rate: 55.7% (US rate is 64.4%) Median Household Income: $61,000

Home is Possible (HIP) Expansion Strategy Loan Product Design and Continous Evaluation Participating Lenders Key to Success Innovative Outreach and Marketing

Home is Possible Design DPA Grant (3% - 5%) Non-Bond Platform Education Required Max Income $95,500 Can Combine with MCC

Existing Workflow Master servicer Compliance Fannie Mae NHD/Govt. HFA Homebuyer Program Creation and Update Lender corporate 1 to 2 Weeks Notice ??? Notice Financial Advisors Loan Officers & REALTORS® Homebuyers

Across multiple programs… Lender corporate

Goals/Outcomes of Program Template Improve communication among valued partners Loans are closed faster Creates ease of use for mortgage partners Improve the quality of loan products and programs Serve more homebuyers

New Program Design & Roll out Model Technical Program Template to Corporate Lending Contacts Template of New Program Overview to Corporate Lender Contacts Industry Partner Input NHD/Govt. 30 Day Notice of Roll out HFA Homebuyer Program Creation and Update 1 to 2 Weeks Notice Marketing Info and New Program Overview to Loan Officers & REALTORS® Feedback & Input Macro Factors

HIP For Heroes Brochure HIP Brochure HIP For Heroes Brochure

MCC Brochure HIP Plus Flyer

Rider Sign Roll-up Banner

HIP Video

HIP Expansion Outcomes Before HIP 16 Lenders Avg Mo Loans - $8MM Avg Mo Loans - 47 Avg Military Loans - 7 After HIP 80 Lenders Avg Mo Loans - $100MM Avg Mo Loans - 475 Avg Military Loans - 34