Homeownership: Empowering New Buyers
Recognizes programs that best provide homeownership financing to HFA targeted customers.
Homeownership entries will be judged on the degree to which they:
- Are innovative
- Are replicable
- Respond to an important state housing need
- Use data, research, and analysis to demonstrate measurable benefits to HFA targeted customers and underserved markets
- Have a proven track record of success in the marketplace
- Provide benefits that outweigh costs
- Demonstrate effective use of resources
- Effectively employ partnerships
- Achieve strategic objectives
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Alaska Housing Finance Corporation:
The Loan Wizard
The Loan Wizard is Alaska Housing's a digital tool that helps Alaskans better navigate the home loan process right from their smart phones or tablets.
Idaho Housing and Finance Association:
Homebuyer Education Is the Gold Standard
Homebuyer Education Is the Gold Standard
Many potential first-time homebuyers feel homeownership is out of reach. Many are guided by misconceptions about what it takes to purchase their first home. Idaho Housing recognized that and started to promote homebuyer education, advocating that homeownership can be affordable. We knew that a standardized program, accessible to all, would help first-time homebuyers reach their homeownership goals. Thus, the Finally Home! Homebuyer Education course was born.
Kentucky Housing Corporation:
Leveraging Partnerships to Increase Lending to Minority and Immigrant Populations
To increase first mortgage financing to help minority and immigrant populations, KHC sought to identify potential partners in the state in order to form a collaborative partnership that connects referral agencies working directly with the target minority and immigrant populations in Kentucky. This collaborative solution is holistic and replicable in reaching new populations and encouraging new production.
Minnesota Housing has created pathways to successful homeownership for households of color or Hispanic ethnicity and low-income households by tackling the barriers these underserved populations face. Through its multi-faceted approach, Minnesota Housing has more than doubled its lending to first-time homebuyer households of color, strengthened its performance against Fannie Goals, maintained a strong financial position, and ultimately helped more Minnesotans build wealth and financial security.
New Mexico Mortgage Finance Authority:
Through a grant from the CDFI Capital Magnet Fund, MFA created a program to help lower-income homebuyers in rural areas of New Mexico by providing $8,000 in down payment assistance. There is no payment required on the program's second mortgage loan, and the loan can be forgiven if certain conditions are met. The program generates re-usable funds and targets the lowest-income households in some of the most economically distressed areas of the New Mexico.
New York State Homes and Community Renewal:
Manufactured Home Advantage Program
New York now offers real estate financing to purchasers of manufactured homes being sited on leased-land in parks or on land owned by the homebuyer. In order to do so NY establishes a network of nonprofit loan packagers and a nonprofit loan originator. NY pilots credit criteria that breaks away from traditional credit scores and is based on advanced behavioral economic theories. NY launches a grass-roots outreach campaign to reach prospective borrower and education the manufactured home industry.
Ohio Housing Finance Agency:
Conventional Loans: Creating Choice for Low-Income Homebuyers
Loans before the 2008 housing crisis were often conventional, but during the crisis and after, those who were able to purchase homes opted to get federally-secured FHA loans. As markets stabilized, mortgage companies and servicers wanted to return to a conventional loan model. OHFA wanted to provide a conventional option to lower income homebuyers and started a program that provides a grant based on income for down payments and closing costs. The program has had a significant impact.
Rhode Island Housing:
Reaching Homebuyers Through the Realtor Community
RIHousing developed a comprehensive Continuing Education course for realtors to empower prospective homebuyers with valuable information on our programs and services. Recognizing the realtor community as a valuable pathway to buyers, RIHousing tapped into this with the launch of our new course. As the first-line of information and education on the homebuying process, and a trusted resource for clients, strengthened relationships with realtors results in educated and informed homebuyers.
Tennessee Housing Development Agency:
Making a Great Choice
Record-breaking loan production didn't happen overnight for the Tennessee Housing Development Agency. It came after a carefully crafted strategy that accounted for the regional nuances of homebuying markets across the state was implemented over four years. Thus proving the adage - good things come to those who wait.
Texas Department of Housing and Community Affairs:
Targeting Low-, Very Low-, and Moderate-Income Homebuyers
TDHCA targets low, very low, and moderate income homebuyers through a variety of financing options.