| Quick Reference Sheet for Lending Partners
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Last Updated: February 03, 2012 9:00 AM
(Rates and amounts are subject to change without notice)
brought to you by Idaho Housing and Finance Association
Quick Reference Sheet for Lending Partners
Homeownership Lending Contact Information
Review the following Quick Reference Sheet tables for information on current interest rates and loan products. You can now also provide your clients with our new Homebuyer's Guide, Homebuyer's Checklist, and Start Smart Flier and encourage them to attend a Finally Home!® Homebuyer Education course. *Certain restrictions apply. Programs are subject to change at any time.
| - | Up to $2,000, or 20%, of the total mortgage interest paid in income tax credits each year |
| - | Can be used with IdaMortgage loan products |
| - | First-time homebuyer requirements apply |
| - | Owner occupancy is required to receive tax credit |
| - | $300 fee from borrower |
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Example of tax credit benefit to borrower based on $120,000, 30-year mortgage at 5% interest rate:
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| 1 |
$5,960 |
$1,192 |
| 2 |
$5,869 |
$1,174 |
| 3 |
$5,774 |
$1,155 |
| 4 |
$5,674 |
$1,135 |
| 5 |
$5,569 |
$1,114 |
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The tax credit is for the life of the loan; this example shows that in just the first five years a borrower could receive $5,770 in additional tax credits.
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Conventional
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0
1
2 |
3.99%
3.84%
3.69% |
| - | Maximum first mortgage 97% Loan to Value |
| - | Up to 100% with down payment assistance. |
| - | Borrower minimum investment from $500 may be required |
| - | MCM underwritten loans require completion of a Homebuyer Education course. |
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| FHA/VA Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
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RD Loan
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0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45%
Click here to check property eligibility |
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| Manufactured Homes |
0
1
2 |
5.50%
5.35%
5.20% |
| - | Loan types may be FHA/VA, or RD loans |
| - | Conventional-Maximum CLTV 80% |
| - | Eligible borrowers will have a minimum mid-credit score of 680 |
| - | Purchases only |
| - | No refinance available |
| - | Loans must be approved through Loan Prospector's Automated Underwriting System |
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*Brokers only: For IHFA Paid Compensation add .625% to the above rate click here for details.
**Please email lockdesk@ihfa.org for details on a 1 or 2% compensation plan.
First Loan Product Requirements
Everyone who obtains an IdaMortgage First Loan product must comply with these federal and association regulations:
| 1. | The borrower must be a resident of Idaho, and must occupy the financed property as a principal residence within 14 days after closing. |
| 2. | The borrower must have an acceptable credit and employment history. |
| 3. | The borrower cannot have been a homeowner any time during the last three years. This requirement has been waived for the following counties |
| Adams | Boise | Cassia | Gem | Jerome | Lincoln | Shoshone |
| Bear Lake | Bonner | Clark | Gooding | Kootenai | Oneida | Teton |
| Benewah | Boundary | Clearwater | Idaho | Lemhi | Owyhee | Washington |
| Bingham | Canyon | Custer | Jefferson | Lewis | Payette | |
| - | May qualify for new Homebuyer Tax Credit Program up to $2,000 every year |
| - | Income limits apply | | |
| - | No sales price limits | | |
| - | May be used for purchase and rate term refinances | | |
| - | No first-time homebuyer requirement | | |
| - | Conventional Loan only | |
| - | Finally Home!® Homebuyer Education is required | | |
| - | May be used with IHFA's Down Payment Assistance 2nd mortgages | | |
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| Preferred Risk Sharing Loan No MI |
0
1
2 |
4.15%
3.95%
3.81% |
| - | Conventional Loan. |
| - | Up to 97% Loan to Value for homebuyers with credit scores of 660 or higher. |
| - | Maximum DTI of 45% |
| - | No private mortgage insurance required. |
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| HFA Preferred Loan Low MI |
0
1
2 |
3.90%
3.75%
3.61% |
| - | Conventional Loan. |
| - | Up to 97% Loan to Value for homebuyers with credit scores of 660 or higher. |
| - | Maximum DTI of 45% |
| - | Low cost private mortgage insurance required. |
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| - | May qualify for new Homebuyer Tax Credit Program |
| - | No first-time homebuyer requirement | - | No sales price limits |
| - | Below-market fixed rate for higher-income borrowers | - | May be used for purchase or refinance |
| - | No manufactured homes | | |
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| Conventional |
0
1
2 |
3.79%
3.65%
3.51% |
See LLPA chart below for LTV/FICO adjustments to the Conventional and DU Refi Plus Program. |
| FHA/VA Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
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RD Loan
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0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
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Manufactured Homes
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0
1
2 |
5.50%
5.35%
5.20% |
| - | Loan types may be FHA/VA or Conventional |
| - | Conventional-Maximum CLTV 80% |
| - | Eligible borrowers will have a minimum mid-credit score of 680 |
| - | Loans must be approved through Loan Prospector's Automated Underwriting or DU System |
| - | Rate term refinancing okay |
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| FHA 203(k) Streamline Rehabilitation Loan |
0
1
2 |
3.75%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
| - | No manufactured houses |
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| FHA Cash-Out Refinance |
0
1
2 |
3.75%
NA%
NA
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| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
| - | No manufactured houses |
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| Conventional Cash-Out Refinance |
0
1
2 |
4.04%
3.90%
3.76%
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| - | See Conventional Cash-Out Refinance LLPA Chart below. |
| - | No manufactured houses |
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*Brokers only: For IHFA Paid Compensation add .625% to the above rate click here for details.
**Please email lockdesk@ihfa.org for details on a 1 or 2% compensation plan.
| - | Current loan does not have to be an IHFA Loan |
| - | Premium pricing available to cover closing costs and prepaids only |
| - | Borrowers must be eligible for Advantage Loan product and meet income limits |
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FHA Streamline Refinance
and
VA Interest Rate Reduction Refinance Loan (IRRRL)
and
USDA-RD Streamline Refinance Loan |
+3
+2
+1
0
1
2
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4.10%
4.00%
3.90%
3.75%
NA%
NA% |
| - | Minimum middle credit score of 580 is required for all borrowers |
| - | Three file merge credit report required |
| - | Full income documentation required for income limit purposes only for FHA/VA |
| - | Full credit qualifying required for RD |
| - | Transactions may be processed with or without an appraisal |
| - | Single Family dwellings only |
| - | No manufactured houses |
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*Brokers only: For IHFA Paid Compensation add .625% to the above rate click here for details.
**Please email lockdesk@ihfa.org for details on a 1 or 2% compensation plan.
| - | Add to Advantage Conventional rate |
| - | No additional add-ons for subordinated Community seconds |
| - | Other subordinated seconds will be considered on a case-by-case basis and may result in additional add-ons |
| - | Add-ons based on the lowest credit score of all borrowers |
| - | Condos add .50% to the rate |
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| 720 or above |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.250 |
| 700 - 719 |
0.000 |
0.750 |
1.000 |
1.000 |
0.500 |
0.500 |
| 680 - 699 |
0.000 |
1.250 |
1.500 |
1.250 |
0.750 |
0.500 |
| 660 - 679 |
0.000 |
1.500 |
2.500 |
2.250 |
1.750 |
1.250 |
| 640 - 659 |
0.500 |
2.000 |
3.000 |
2.750 |
1.750 |
1.750 |
| 620 - 640 |
0.500 |
2.500 |
3.000 |
3.250 |
2.500 |
2.500 |
| - | Add to Advantage Conventional rate |
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| 720 or above |
0.000 |
0.250 |
0.500 |
0.625 |
| 700 - 719 |
0.000 |
0.625 |
0.750 |
1.500 |
| 680 - 699 |
0.000 |
0.750 |
1.375 |
1.500 |
| 660 - 679 |
0.250 |
0.750 |
1.500 |
2.500 |
| 640 - 659 |
0.250 |
1.250 |
2.250 |
2.500 |
| 620 - 640 |
0.750 |
1.250 |
2.750 |
3.000 |
- Call to include fee in rate.
- Call Toll free 1-800-219-2285 or email lockdesk@ihfa.org to include rate fee.
| Down Payment and Closing Cost Assistance Available |
| Program Name |
Key Features |
HOME Down Payment Closing Cost (DPCC)Assistance
NEW!
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| - | Minimum of $1,000 with a maximum of 3.5% of the purchase price not to exceed $8,000, based on borrower's need, and the adjusted gross household area median income (AMI). |
| - | Grant program for borrowers with less than 80% of area median income. |
| - | Ratio Requirement: per 1st lien guidelines, with Automated Underwriting Approval. (Buy-back exists if the 1st mortgage is not purchased by IHFA or USDA-RD) |
| - | Must be a first-time homebuyer with exceptions for displaced homemakers or single parents with custody of children. |
| - | No interest, no payment loan, which becomes due upon the sale of the property or if the home is not occupied by the homeowner. |
| - | Borrower minimum investment of $500.00, with no cash out at closing. |
| - | Finally Home!® Homebuyer Education program completion required for all borrowers prior to applying for the assistance. |
| - | Borrowers must qualify for an IdaMortgage first mortgage loan. |
| - | Property must have been previously vacant or owner-occupied. |
| - | Voluntary Sales Disclosure must be signed by the Seller on or before the date they sign the Purchase Agreement. |
| - | Reserve the funds after the loan application has been taken and it is determined the borrower meets all pre-conditions. This will begin the qualification process of the buyers for the HOME DPCC fund loan. |
| - | Can be used with all of our First and Advantage loan products. |
| - | For further details on requirements, refer to the 2011 HOME Administrative Plan |
| - | Please direct all questions to homedpcc@ihfa.org or call 1-877-447-2687. |
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| Program Name |
Key Features |
Good Credit Rewards |
| - | 30-Year Loan Product |
| - | Interest rate is 1% higher than mortgage rate of the first mortgage for borrowers with credit scores of 720 or higher. |
| - | Interest rate is 2% higher than mortgage rate of the first mortgage for borrowers with credit scores of 680 to 719. |
| - | Maximum amount of second mortgage is capped at 3.5%, for all loan programs, not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines. |
| - | Homebuyer education is required for buyers with credit scores lower than 720. |
| - | Borrowers with credit scores of lower than 680 will not be able to obtain this second mortgage. |
| - | Borrowers must contribute at least $500 towards the transaction, or higher depending on Mortgage Insurance requirements. |
| - | Good Credit Rewards funds are based on need. Borrowers' liquid assets are limited to three months' payments, or $5,000, whichever is greater. |
| - | Can be used with our First and Advantage loan products. |
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| Program Name |
Key Features |
Neighborhood Stabilization Homeownership Assistance Funds Program |
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Advantage Loan Product Requirements
To qualify a borrower for one of these Advantage Loan products, please verify that the borrower meets the 140% or
less than median income requirement. Borrowers for this product do not need to be first-time homebuyers to qualify and there are no
sales price limits. As with our First Loan product, you may utilize Fannie Mae's automated underwriting system at www.efanniemae.com
to qualify your borrower for the My Community Mortgage programs, or Fannie Mae's standard 30- or 40-year fixed-rate products.
For complete program requirements, log on to Lender Connection for IHFA underwriting guidelines.
To obtain copies of our new Homebuyer's Guide, please email lesliep@ihfa.org
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Borrower Income and Home Sales Price Limits
The borrower's annual gross income cannot exceed the following:
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Borrower Income Limits |
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First Loan and Preferred Loans |
Advantage Loan |
Home Sales Price Limits (First Loan Products Only) |
| County |
1 & 2 Person
Household |
3 or more
Person
Household |
140% median
income |
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| Ada |
$61,900 |
$71,875 |
$86,660 |
$276,800 |
| Adams |
$67,800 |
$79,100 |
$79,100 |
$304,000 |
| Bannock |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Bear Lake |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Benewah |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Bingham |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Blaine |
$78,000 |
$89,700 |
$109,200 |
$425,000 |
| Boise |
$74,280 |
$86,660 |
$86,660 |
$338,000 |
| Bonner |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Bonneville |
$59,800 |
$68,770 |
$83,720 |
$247,000 |
| Boundary |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Butte |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Camas |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Canyon |
$74,280 |
$86,660 |
$86,660 |
$338,000 |
| Caribou |
$56,500 |
$64,975 |
$77,700 |
$247,000 |
| Cassia |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Clark |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Clearwater |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Custer |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Elmore |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Franklin |
$57,000 |
$65,550 |
$79,800 |
$247,000 |
| Fremont |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Gem |
$67,800 |
$79,100 |
$79,100 |
$338,000 |
| Gooding |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Idaho |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Jefferson |
$71,760 |
$83,720 |
$83,720 |
$300,000 |
| Jerome |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Kootenai |
$68,400 |
$79,800 |
$79,800 |
$318,000 |
| Latah |
$58,200 |
$66,930 |
$81,480 |
$247,000 |
| Lemhi |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Lewis |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Lincoln |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Madison |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Minidoka |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Nez Perce |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Oneida |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Owyhee |
$74,280 |
$86,660 |
$86,660 |
$338,000 |
| Payette |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Power |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Shoshone |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
| Teton |
$71,520 |
$83,440 |
$83,440 |
$425,000 |
| Twin Falls |
$56,500 |
$64,975 |
$79,100 |
$247,000 |
| Valley |
$56,500 |
$64,975 |
$79,100 |
$425,000 |
| Washington |
$67,800 |
$79,100 |
$79,100 |
$300,000 |
To view a complete list of IHFA participating lenders and mortgage brokers click here. |
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