Craig Nickerson, National Community Stabilization Trust (NCST) Rob Grossinger, Enterprise Community Partners (Enterprise)
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2 Presenters Host: National Development Council Moderator: TBD Presenters: Craig Nickerson, National Community Stabilization Trust (NCST) Rob Grossinger, Enterprise Community Partners (Enterprise) 2
3 NSP Financing Webinar Series #1 Lessons Learned from Mortgage Financing Roundtables January 19 th #2 Deeper Dive on Mortgage Financing Tips January 24 th #3 Leveraging NSP Funds to Attract Interim Financing February 2 nd 3
4 Additional Resources Guide to Understanding Mortgage Financing for NSP- Assisted Homebuyers Interim Financing for Neighborhood Stabilization Programs 4
5 Webinar Objectives Today Separate fact from fiction regarding single-family mortgage lending underwriting guidelines Identify ways local program design can affect the availability of single-family mortgage capital Illustrate ways to effectively structure soft second programs Identify strategies to overcome key obstacles to accessing mortgage capital for your NSP homebuyers 5
6 Overview: Mortgage Financing Roundtables At HUD s request, Enterprise and NCST facilitated a dialogue to identify ways to increase lending in NSP neighborhoods Six regional sessions last summer Chicago, Orlando, Los Angeles Sacramento, Newark and Atlanta Small interactive discussions between grantees and lenders 96 grantees 51 lender representatives 6
7 Assessing Private Capital Needs Results Prior to Roundtables, Enterprise and NCST conducted assessment to understand the obstacles grantees face in securing mortgage capital 174 respondents Over 75% experienced problems with accessing permanent mortgage financing for NSP homebuyers Creditworthiness is the primary issue that inhibits homeownership for potential NSP homebuyers Most grantees use FHA mortgage products for buyers of NSP properties Majority believe lenders know very little to nothing at all about federal and local NSP efforts 7
8 5 Key Takeaways from Roundtables 1. Securing permanent mortgage financing for prospective buyers is a daunting challenge for most grantees (75% of 174 assessment respondents) 2. Tighter credit standards in the wake of the crisis is the biggest obstacle to getting borrowers into NSP homes 3. Subordinate financing structures that meet NSP requirements may not fit with lender rules, thus preventing or delaying approval of soft second financing 8
9 5 Key Takeaways from Roundtables 4. Low or inaccurate appraisals have become a major issue for grantees, precluding many mortgage deals 5. Misinformation about NSP efforts is preventing progress a better understanding of NSP among real estate professionals, appraisers, local lenders is critical to success 9
10 Today s Lending Landscape Fewer mortgage originators National / Regional / Community / Credit Unions A return to basics more responsible mortgages and fewer exotic offerings Resurgence of FHA as a preferred product option Renewed reliance on GSE secondary market guidelines (Freddie Mac and Fannie Mae) Return to underwriting fundamentals and tighter credit standards Emergence of some NSP portfolio products 10
11 Return to the 3Cs Credit Credit score minimums are much higher, especially for conventional mortgages Less reliance on compensating factors Capacity Debt-to-income (DTI) ratio tightening Implications for soft seconds Collateral Loan-to-value (LTV) ratio Borrower skin in the game 11
12 NSP Program Design Options Mortgage options vary depending on the program design option: Option 1 - Direct to Homebuyer: the homebuyer purchases the foreclosed or abandoned property directly from financial institution, often with downpayment or other subsidy assistance Option 2 - Turnkey: NSP grantee or designee purchases, renovates and sells the property to a qualified homebuyer 12
13 Direct to Homebuyer Approach Use when: Properties being purchased are in relatively good physical condition High demand for homes exists Sufficient financing is available for purchase and/or purchase/rehab mortgages FHA 203(k) often employed with this option Alternatively, subordinate public/private capital is available for property renovations 13
14 Turnkey Approach Use when: Purchase/rehab mortgages are not easily accessible Level of renovation is too extensive Newly renovated properties are needed to attract potential homebuyers Speed and efficiency of execution is essential NSP and other public/private investments are available for property redevelopment Mortgage lender hesitancy in distressed areas exists 14
15 Key Takeaways: Program Design Identify the type of financing that is readily available in your market, before you design your program Many lenders are uncomfortable with the risks associated with property repairs as part of the long-term mortgage Determine the level of involvement grantee can have with the rehabilitation of property if purchase/rehab product will be used 15
16 Homebuyer Assistance Options NSP fund flexibility can help homebuyers qualify for mortgage financing Understand the mortgage qualifying obstacles you need to help overcome Is the primary obstacle Monthly carrying cost of PITI? Lack of cash for closing and downpayment? Impaired credit or past foreclosure or bankruptcy? 16
17 Cash-to-Close Options Downpayment and closing cost assistance Principal reduction or gap financing Interest-rate buydown Seller concessions Alternative borrower contributions (gifts, retirement) Mortgage Credit Certificates Repayment options Keep it simple! 17
18 Credit-Challenged Options Government loan guarantee Cash or cash-equivalent reserves Co-borrowers (but be careful) Continued credit counseling Lease to own 18
19 Soft Second Structures Recapture Used to recover all or a portion of the NSP soft second assistance when the property is sold or transferred Resale Used to ensure NSP-assisted properties remain affordable under the full term of the affordability period, even after sale or transfer A property covenant or deed restriction is established Will typically slow down or prevent loan originator approval 19
20 GSE Soft Second Requirements GSE Soft Second rules quite flexible If interest is charged on the subsidy, the interest cannot be higher than 2 points above the interest of the first mortgage Accrual of interest is not allowed during period when payments on the loan are deferred (negative amortization) CLTV (combined loan-to-value) of the first mortgage and other subordinate financing cannot generally exceed 105% of property value No balloon payments due prior to end of first mortgage term 20
21 GSE Soft Second Requirements Other requirements can be found at: Fannie Mae Community Seconds checklist: hecklist.pdf Freddie Mac Affordable Seconds: 21
22 FHA Soft Second Requirements Subordinate lien must be in the subsidy provider s name If second mortgage is offered by government agency or nonprofit designee, the soft second may be used for downpayment, closing costs including the borrower s minimum investment If resale restrictions are in place, those restrictions must terminate in the event of a foreclosure or deed-in-lieu 22
23 FHA Soft Second Requirements Other requirements can be found at: Downpayment Assistance through Secondary Financing Providers: offices/ housing/sfh/np/sfhdap01 23
24 Soft Second Program Design Pointers Deferred loans are the cleanest subordinate financing structures Zero interest (interest rate accrual on a DPL is a no-no) Payment deferred for the first 5 to 10 years No payment at all for the entire term of the loan unless property is sold or transferred In weak markets, forgiveness of deferred loan, either partially or fully over a period of time Deeper dive next webinar January 24th 24
25 FHA or Conventional? The answer is... It depends! The right path will depend on many factors, including: The Loan To Value Borrower contribution Market area Lender preferences Soft second structure and nonprofit provider Whether rehab is part of the purchase mortgage 25
26 Property Appraisals Major mortgage issue that surfaced at Roundtables NSP homes too frequently do not appraise for true value Means that NSP grantees cannot sell homes Prospective buyers cannot obtain a mortgage Appraisers often are poorly informed on neighborhood stabilization programs Appraisers rely on comps that are not comparable; using blighted homes or cosmetically repaired homes HVCC regulation prohibits lenders from having direct communication with appraisers on property level 26
27 Key Takeaways: Property Appraisals Meet with lenders and AMC s to increase accountability and reduce number of participating appraisers Seek program wide pre-approval of approaches with lenders, GSEs, state HFAs Educate appraisers on NSP homes quality, green construction, energy efficiency to help create fairer valuations Create informational materials brochures, FAQs, cheat sheets for appraisers highlighting the key features of your properties 27
28 Key Takeaways: Property Appraisals Conduct training for the appraisal industry on NSP Focus on rehabbing specific blocks so you can control the comps and valuations by increasing the value of targeted blocks Encourage state appraiser licensing boards to convene meeting on NSP valuations Long term, create special designation for community stabilization appraisers (i.e. NSP Appraiser) 28
29 Collaborating with Real Estate Professionals Grantees are finding it difficult to market NSP homes Building strong relationships with real estate professionals in the community is key component to a successful program Can lead to a well-coordinated program that provides tangible benefits to real estate professionals, homebuyers and the community Real estate professionals can market homes and rebrand neighborhoods too 29
30 Key Takeaways: Real Estate Professional Collaboration Real estate staff often steer clear of red tape of federal housing programs Educate real estate professionals on the positive attributes of the NSP program and homes Engage local Realtor boards have participating lenders speak at training Create a list on your website of active/certified real estate professionals who have completed a few transactions 30
31 Conclusion Mortgage underwriting has become more stringent; it s a return to the basics High LTV lending is still possible with borrower skin in the game, truly soft seconds, and borrower readiness Turnkey NSP programs where the renovation is completed prior to sale make attracting mortgage financing easier Keep soft second program designs simple to understand and implement Ensure that all key housing industry partners are informed and accountable. 31
32 Questions and Answers 32
33 A Preview of Coming Attractions January 24th A Deeper Dive on Mortgage Financing webinar session will explore some key issues in more detail January 31 st Leveraging NSP Funds to Attract Interim Financing webinar session will illustrate ways to expand the scope and scale of NSP projects with creative financing mechanisms 33
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