Nsp Home Ownership Pheeny

Fannie Mae REO and Neighborhood Stabilization: A Guide for Public Entity and Non-Profit Buyers Florida Housing Coalition Conference September 2009

Table of Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Meet Your Goals ,[object Object],[object Object],[object Object],… to implement strategic neighborhood revitalization within the constraints of limited capital and capacity ,[object Object],… to ensure a healthy living environment for residents within your jurisdiction ,[object Object],[object Object],… an equitable opportunity to place responsible occupants in quality homes and keep speculation at bay Fannie Mae provides… You want…

Initiative Overview: First Look ,[object Object],[object Object],First Look During the first 15 days a property is listed for sale, only offers from owner-occupants, public entities or their designated partners will be considered.

Initiative Overview: Additional Benefits ,[object Object],* Individual homebuyers using NSP funds to purchase a Fannie Mae-owned property do not have to meet the full 5% earnest money requirement. Deposits can be as low as $500. Deposit Waivers Fannie Mae will waive the earnest money requirement for public entities * using NSP funds to purchase a Fannie Mae-owned property. Reserved Contract Period Upon receipt of an acceptable offer, buyers have the option to renegotiate their offer after obtaining an NSP-required appraisal. Extra Time The NSP buyer receives up to 45 days to close - 15 days more than is usually permitted for purchases of Fannie Mae-owned properties.

Possible Funding Sources ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Neighborhood Stabilization Program Background ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],www.hud.gov/offices/cpd/communitydevelopment/programs/neighborhoodspg

NSP - Buyer* Responsibilities *In the context of this presentation, “Buyer” refers to a public entity or a designated nonprofit or for-profit partner Step 2: Make an Offer Step 4: Final offer Step 5: Closing Step 3: Due diligence (including URA appraisal) Step 1: Identify Properties

NSP - Buyer Responsibilities ,[object Object],[object Object],Step 1: Identify Properties Outcomes/Goals: NSP eligibility determined by public entity

NSP - Buyer Responsibilities ,[object Object],[object Object]

[object Object],[object Object],NSP - Buyer Responsibilities

NSP - Buyer Responsibilities ,[object Object],[object Object],[object Object],[object Object],[object Object],Step 2: Make an offer Outcomes/Goals: Eligible property identified and initial offer made

NSP - Buyer Responsibilities ,[object Object],[object Object],[object Object],[object Object],[object Object],Step 2: Make an offer (continued) Outcomes/Goals: Eligible property identified and initial offer made

NSP - Buyer Responsibilities ,[object Object],[object Object],[object Object],[object Object],[object Object],Step 3: Due diligence Outcomes/Goals: Appraisal obtained, contract amendment with final purchase price developed

NSP - Buyer Responsibilities ,[object Object],[object Object],Step 4: Final offer Outcomes/Goals: Contract amendment signed

NSP - Buyer Responsibilities ,[object Object],[object Object],Step 5: Closing Outcomes/Goals: Homebuyer moves into new home

How to Get Started ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Nsp Home Ownership Pheeny

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