Quick Reference Sheet for Lending Partners
 
Last Updated: February 8, 2010 09:00 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
(208) 331-4883 Toll free 1-800-219-2285
For program questions, email resloan@ihfa.org
For lock questions, email lockdesk@ihfa.org

Review the following Quick Reference Sheet tables for information on current interest rates and loan products.

First Loan Product Features
 -First-time borrower requirements may apply -Check Borrower Income and Home Sales Price Limits
 -Lowest fixed rate for low-to-moderate income borrowers -May be used with Conventional, FHA, VA, and RD loans
First
Loan Products		 Discount Points Optional
Delivery		 Product Specifics
Conventional
Back by Popular Demand!		 0
1
2		 5.450%
5.280%
5.100%
 -Maximum first mortgage 95% Loan to Value
 -Up to 98.5% with down payment assistance.
FHA/VA Loan 0
1
2		 4.940%
4.800%
4.660%
 -Loans with credit scores below 620 are ineligible if the DTI exceeds 45%
RD Loan 0
1
2		 4.940%
4.800%
4.660%
 -Loans with credit scores below 620 are ineligible if the DTI exceeds 45%
Manufactured Homes 0
1
2		 6.080%
5.930%
5.790%
 -Loan types may be FHA/VA, or RD loans
 -Conventional-Maximum CLTV 80%
 -Purchases only
 -No refinance available
IQ (Stepped-Rate)
NEW!		 0
1
2		 4.50-5.25%
4.36-5.11%
4.22-4.97%
 -Loan types may be FHA/VA or RD
 -Property type cannot be Manufactured Home
 -Lower mortgage rate for the first three years
 -.75% Higher rate applies from year four until the loan is repaid

30-Year Advantage Loan Product Features
 -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.
Advantage
Loan Products		 Discount Points Optional
Delivery		 Mandatory 30-Day Delivery Product Specifics
Conventional 0
1
2		 5.450%
5.280%
5.100%		 5.325%
5.155%
4.975%		 New! See LLPA chart below to be included for the DU Refi Plus Program.
FHA/VA Loan 0
1
2		 5.090%
4.910%
4.750%		 4.965%
4.785%
4.625%
 -Loans with credit scores below 620 are ineligible if the DTI exceeds 45%
RD Loan 0
1
2		 5.130%
4.950%
4.790%		 5.005%
4.825%
4.665%
 -Loans with credit scores below 620 are ineligible if the DTI exceeds 45%

DU Refi Plus LLPA Chart
 -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
Credit Score Add
720 or above .00
700 - 719 .125
680 - 699 .25
660 - 679 .50
Below 660 .625

40-Year Advantage Loan Product Features
 -No first-time homebuyer requirement -No sales price limits
 -Below-market fixed rate for higher-income borrowers -May be used for purchase or refinance
 -May be used with conventional loans only
For rates, email lockdesk@ihfa.org 

Down Payment and Closing Cost Assistance Available
Program Name Key Features

Neighborhood Stabilization Homeownership Assistance Funds Program
NEW!
-A limited allocation of NSP dollars is available for borrowers in Canyon County and Twin Falls 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.
-Borrower must complete the Finally Home!® Homebuyer Education course-classroom only.
Program Name Key Features

   Tax Credit 2nd Loan   
Extended and Expanded!
-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.
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.
Credit Score Interest Rate
700-719
720+		 6.940%
5.940%
Program Name Key Features
HOME Down Payment Assistance
Program has been extended!
(Limited allocation available)
-Up to $20,000 is available based on need and the adjusted gross household area median income (AMI) as shown on the Area Median Income (AMI) Assistance Level Chart
-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
-This is a no-interest, due on sale loan
-Finally Home!® Homebuyer Education program completion prior to applying for the assistance
-Qualified borrowers will receive a 5.98% interest rate on the first mortgage loan
-Reserve the funds as soon as the loan application has been taken and it is determined the borrower meets the program guidelines, within 80% of area median income and the borrower is a first time homebuyer. This will begin the qualification process of the buyers for the HOME fund loan
-In some circumstances, due to borrower's need, it may be possible to combine HOME Down Payment Assistance and Closing Cost Assistance with the 1st Time Homebuyer Tax Credit Down Payment Assistance, if needed the tax credit second could be used to buy down the interest rate or for other approved closing costs
-Program has been extended.
-Please direct all questions to resloan@ihfa.org or call 1-800-219-2285.

Note: Lender paid MIP maximum is 2.50%


First Loan 30-Year Loan Product Requirements
Everyone who obtains an IdaMortgage standard mortgage 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  


Advantage 30-40 Year Fixed Loan Product Requirements
To qualify a borrower for one of these workforce housing 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 standard program, 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.
 
 
Borrower Income and Home Sales Price Limits
The borrower's annual gross income cannot exceed the following:
 
Borrower Income Limits
                     First Loan Advantage Loan
Home Sales Price Limits (First Loan Products Only)
County 1 & 2 Person
Household		 3 or more
Person
Household		 140% median
income
 
Ada $62,500 $71,875 $87,500 $265,400
Adams $67,560 $78,820 $78,820 $275,000
Bannock $56,300 $64,745 $78,820 $236,800
Bear Lake $67,560 $78,820 $78,820 $289,400
Benewah $67,560 $78,820 $78,820 $289,400
Bingham $67,560 $78,820 $78,820 $289,400
Blaine $77,800 $89,470 $108,920 $425,000
Boise $70,200 $81,900 $81,900 $324,000
Bonner $67,560 $78,820 $78,820 $289,000
Bonneville $59,500 $68,425 $83,300 $236,800
Boundary $67,560 $78,820 $78,820 $289,400
Butte $56,300 $64,745 $78,820 $236,800
Camas $56,300 $64,745 $78,820 $236,800
Canyon $73,080 $85,260 $85,260 $324,000
Caribou $56,300 $64,745 $77,560 $236,800
Cassia $67,560 $78,820 $78,820 $289,400
Clark $67,560 $78,820 $78,820 $289,400
Clearwater $67,560 $78,820 $78,820 $289,400
Custer $67,560 $78,820 $78,820 $289,400
Elmore $56,300 $64,745 $78,820 $236,800
Franklin $56,300 $64,745 $78,820 $236,800
Fremont $56,300 $64,745 $78,820 $236,800
Gem $67,560 $78,820 $78,820 $324,000
Gooding $67,560 $78,820 $78,820 $289,400
Idaho $67,560 $78,820 $78,820 $289,400
Jefferson $71,400 $83,300 $83,300 $289,400
Jerome $67,560 $78,820 $78,820 $289,400
Kootenai $67,560 $78,820 $78,820 $305,700
Latah $58,800 $67,620 $82,320 $236,800
Lemhi $67,560 $78,820 $78,820 $289,400
Lewis $67,560 $78,820 $78,820 $289,400
Lincoln $67,560 $78,820 $78,820 $289,400
Madison $56,300 $64,745 $78,820 $236,800
Minidoka $56,300 $64,745 $78,820 $236,800
Nez Perce $56,300 $64,745 $78,820 $236,800
Oneida $67,560 $78,820 $78,820 $289,400
Owyhee $75,000 $87,500 $87,500 $324,000
Payette $67,560 $78,820 $78,820 $289,400
Power $56,300 $64,745 $78,820 $236,800
Shoshone $67,560 $78,820 $78,820 $289,400
Teton $71,280 $83,160 $83,160 $425,000
Twin Falls $56,300 $64,745 $78,820 $236,800
Valley $56,300 $64,745 $78,820 $400,000
Washington $67,560 $78,820 $78,820 $289,400


To view a complete list of IHFA participating lenders and mortgage brokers click here.
  
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