| Quick Reference Sheet for Lending Partners
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Last Updated: September 02, 2010 9:00 A.M.
(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.
*Certain restrictions apply. Programs are subject to change at any time.
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Conventional
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0
1
2 |
4.41%
4.23%
4.06% |
| - | Maximum first mortgage 95% Loan to Value |
| - | Up to 98.5% with down payment assistance. |
| - | MCM underwritten loans require completion of a Homebuyer Education course. |
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| FHA/VA Loan |
0
1
2 |
4.25%
4.25%
4.25% |
| - | 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 |
4.25%
4.25%
4.25% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
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| Manufactured Homes |
0
1
2 |
5.75%
5.60%
5.46% |
| - | 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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| - | May qualify for new Homebuyer Tax Credit Program |
| - | No private mortgage insurance required | - | Income limits apply |
| - | First-time homebuyer requirement applies - No targeted counties | - | No sales price limits |
| - | Minimum borrower contribution is $1,000 | - | May be used for purchase only |
| - | No manufactured homes | - | Conventional loan only |
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| Conventional |
0
1
2 |
4.75%
4.57%
4.40% |
| - | Up to 100% Loan to Value for home buyers with credit scores of 680 or higher. |
| - | Up to 97% Loan to Value for homebuyers with credit scores of 660 or higher. |
| - | Maximum DTI of 45% |
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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 | | |
| * Mandatory 30-day Rate loan files and the original note must be delivered to IHFA by the lock expiration date. If the loan documents are not delivered or if they are delivered late, a fee of .50% will be charged. No lock extension will be available. Email lockdesk@ihfa.org for more information on how to lock a Mandatory 30-day Rate. |
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| Conventional |
0
1
2 |
4.18%
4.00%
3.83% |
4.06%
3.88%
3.71% |
See LLPA chart below to be included for the DU Refi Plus Program. |
| FHA/VA Loan |
0
1
2 |
4.25%
4.25%
4.25% |
NA%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
|
RD Loan
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0
1
2 |
4.25%
4.25%
4.25% |
NA%
NA%
NA% |
| - | Loans with credit scores below 620 are ineligible if the DTI exceeds 45% |
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| - | 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) |
+3
+2
+1
0
1
2
|
4.85%
4.65%
4.45%
4.25%
4.25%
4.25% |
| - | 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 |
| - | Transactions may be processed with or without an appraisal |
| - | Single Family dwellings only |
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| - | 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 |
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| 720 or above |
.00 |
| 700 - 719 |
.125 |
| 680 - 699 |
.25 |
| 660 - 679 |
.50 |
| Below 660 |
.625 |
| 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% 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. |
| - | 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. |
| - | For further details on requirements, refer to the 2010 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 700 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 700 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 cannot have more than an equivalent of three months payments in liquid assets after closing. |
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| Program Name |
Key Features |
Tax Credit 2nd Loan |
| - | Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%. |
| - | Homebuyer qualifies for an IdaMortgage loan. |
| - | The loan will accrue interest at 3.0% due in 1 year. |
| - | Loan offered in the amount not to exceed 5% of the sales price, or a combined loan-to-value limited to 100%. |
| - | Up to $7,000 for first-time homebuyers; up to $6,000 for qualified non first-time homebuyers. |
| - | Homebuyer Education is required if first-time homebuyer. |
| - | Agreement to buy signed by April 30, 2010 and loan closed by September 30, 2010. |
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700-719
720+ |
6.25%
5.25% |
| Program Name |
Key Features |
Neighborhood Stabilization Homeownership Assistance Funds Program
Funding for this program has been expended and is not available at this time |
| - | A limited allocation of NSP dollars is available for borrowers in Canyon County to purchase foreclosed homes. |
| - | Up to $40,000 or 20% whichever is less, is available based on the borrower's income level and need (120% or below area median income). |
| - | Funds may be used for closing costs, interest write downs, and principal write downs. |
| - | Home must be a foreclosure (no short sales) and the bank must be willing to discount the property by 1% from the appraised value. |
| - | NSP homeownership assistance can provide up to 20% of the sales price in assistance, not to exceed $40,000 and based on need. |
| - | This will be in the form of a 0% deferred due on sale loan. |
| - | IHFA REO properties are ineligible for purchase under the Neighborhood Stabilization Program. |
| - | Borrower must complete the Finally Home!® Homebuyer Education course-classroom only. |
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Note: Lender paid MIP maximum is 2.50%
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 (This waiver does not apply for the Affordable Advantage Loan Product): |
| 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 | |
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.
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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 Affordable Advantage Loan |
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 |
$265,400 |
| Adams |
$67,800 |
$79,100 |
$79,100 |
$275,000 |
| Bannock |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Bear Lake |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Benewah |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Bingham |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Blaine |
$78,000 |
$89,700 |
$109,200 |
$425,000 |
| Boise |
$74,280 |
$86,660 |
$86,660 |
$324,000 |
| Bonner |
$67,800 |
$79,100 |
$79,100 |
$289,000 |
| Bonneville |
$59,800 |
$68,770 |
$83,720 |
$236,800 |
| Boundary |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Butte |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Camas |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Canyon |
$74,280 |
$86,660 |
$86,660 |
$324,000 |
| Caribou |
$56,500 |
$64,975 |
$77,700 |
$236,800 |
| Cassia |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Clark |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Clearwater |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Custer |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Elmore |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Franklin |
$57,000 |
$65,550 |
$79,800 |
$236,800 |
| Fremont |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Gem |
$67,800 |
$79,100 |
$79,100 |
$324,000 |
| Gooding |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Idaho |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Jefferson |
$71,760 |
$83,720 |
$83,720 |
$289,400 |
| Jerome |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Kootenai |
$68,400 |
$79,800 |
$79,800 |
$305,700 |
| Latah |
$58,200 |
$66,930 |
$81,480 |
$236,800 |
| Lemhi |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Lewis |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Lincoln |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Madison |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Minidoka |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Nez Perce |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Oneida |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Owyhee |
$74,280 |
$86,660 |
$86,660 |
$324,000 |
| Payette |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Power |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Shoshone |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
| Teton |
$71,520 |
$83,440 |
$83,440 |
$425,000 |
| Twin Falls |
$56,500 |
$64,975 |
$79,100 |
$236,800 |
| Valley |
$56,500 |
$64,975 |
$79,100 |
$400,000 |
| Washington |
$67,800 |
$79,100 |
$79,100 |
$289,400 |
To view a complete list of IHFA participating lenders and mortgage brokers click here. |
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