Building Your Purchase Market
May 6, 2014
Depending on where you live, housing news ranges from moderately concerning to cautiously optimistic. Home sales have risen more than 10 percent since 2010, and housing finance experts predict that home sales will top 5 million this year. Plus, about half of all states and metropolitan markets are showing significant improvement over 2013. On the flip side, overall market volume is shrinking, and there are areas where housing is lagging. And across the board, many first-time homebuyers are wary of homeownership, unsure about taking that first step.
What does this all mean for you? Quite simply, it means that you'll have to work harder and smarter to attract your share of the 5 million home sales.
That's why Freddie Mac is providing you with tools and resources to help you succeed. We understand that it's a different market today, with more to underwrite and greater complexity. But with our support, you can take advantage of the spring and summer homebuying season to energize your purchase-market efforts and ensure you get a piece of the pie. Here's how we can help you:
Our Purchase Market Resource Center: Your Single Source for Marketing and Educational Materials
Freddie Mac supports your efforts to reach more borrowers with a variety of smart solutions. At the core of our comprehensive support is the Purchase Market Resource Center, a dedicated section on FreddieMac.com that provides valuable resources and information to help you get new customers in the door. Below are just a few examples of information you'll find:
- Educational materials: Get the Facts on Homeownership is a customizable set of tools that can help you facilitate workshops to dispel common myths about homeownership and give borrowers the confidence they need to take the next step in buying a home.
- Marketing resources: Customizable flyers and brochures in English and Spanish, such as Your Step-by-Step Mortgage Guide, and Sources You Can Tap to Fill Your Down Payment Gap, will help you reach more borrowers with information about the homebuying process, down payment and closing cost assistance sources, and flexible mortgage options.
- Business-to-business tools: Strengthen your relationships with real estate professionals and housing counselors by offering sourcing tools they can use to assist clients, including customizable flyers, e-articles, and postcards such as, Solutions for Buying and Selling a Home in Today's Market.
The Right Products to Reach First-time and Low-to-Moderate Income Borrowers
Expand your affordable lending market by taking advantage of Home Possible® Mortgages, specifically designed to help you serve first-time and low-to-moderate income borrowers. Consider just some of the benefits:
- Reduced mortgage insurance coverage levels for lower monthly payments.
- Temporary subsidy buydown options to temporarily lower monthly payments.
- Flexibility with 5/1, 7/1, and 10/1 adjustable-rate mortgages.
- Flexible sources of funds for down payment and closing costs.
- Additional flexibilities for public service, health care workers, and military personnel.
Plus, Freddie Mac recently reduced the delivery fee on purchase-money transactions, making Home Possible Mortgages an even more attractive option.
And don't forget – we recently updated our Freddie Mac Single-Family Seller/Servicer Guide Condominium Project requirements to provide you with concise information. Plus, we've clarified and provided guidance on appraisal and property requirements for properties located in rural markets to help you provide home financing to borrowers in rural communities.
Visit the "Discover Affordable Lending Opportunities" section in our Purchase Market Resource Center for more information, including a webinar, new tutorial, fact sheets, and our free CreditSmart® online training course. You'll find the many ways we can support you in helping borrowers find responsible, affordable lending opportunities, ensuring you and your borrowers are successful throughout the entire life of a mortgage. And be sure to check out the Executive Perspectives article by Christina Boyle, VP and Head of Single-Family Sourcing & Relationship Management. Christina discusses the myths of homeownership and provides the facts to help you dispel these myths for your customers.
In the months ahead, we'll continue to share ideas and resources to help you energize your purchase market. Visit the Purchase Market Resource Center today for information on Freddie Mac products, training, and resources to help you reach new borrowers.