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    Quick Reference Sheet for Lending Partners

    Last Updated: November 20, 2009 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
    (208) 331-4883 Toll free 1-800-219-2285
    For program questions, email resloan@ihfa.org
    For lock questions, email lockdesk@ihfa.org

    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
    * 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.
    First
    Loan Products    		 Discount Points Optional
    Delivery    		 Mandatory 30-Day Delivery Product Specifics
    Conventional 0
    1
    2    		 4.750%
    4.625%
    4.500%    		 4.625%
    4.500%
    4.375%    		  
    95% Conventional 0
    1
    2    		 4.690%
    4.570%
    4.440%    		 4.570%
    4.450%
    4.320%
    Additional Requirements for 95% Conventional:

    Cannot be used in conjunction with Good Credit Rewards 2nd Mortgage program.

    At least 5% of the down payment must come from the buyer.
    FHA/VA Loan 0
    1
    2    		 5.050%
    4.930%
    4.810%    		 4.930%
    4.810%
    4.690%
     -Loans with credit scores below 600 are ineligible if the DTI exceeds 45%
    RD Loan 0
    1
    2    		 5.070%
    4.950%
    4.830%    		 4.950%
    4.830%
    4.710%
     -Loans with credit scores below 600 are ineligible if the DTI exceeds 45%
    Manufactured Homes 0
    1
    2    		 6.08%
    5.93%
    5.79%    		 N/A
     -Loan types may be Conventional, FHA/VA, or RD loans
     -Purchases only
     -No refinance available

    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    		 4.750%
    4.625%
    4.500%    		 4.625%
    4.500%
    4.375%    		 New! Includes DU Refi Plus Program. See LLPA chart below for details
    FHA/VA Loan 0
    1
    2    		 5.125%
    5.000%
    4.875%    		 5.000%
    4.875%
    4.750%
     -Loans with credit scores below 600 are ineligible if the DTI exceeds 45%
    RD Loan 0
    1
    2    		 5.125%
    5.000%
    4.875%    		 5.000%
    4.875%
    4.750%
     -Loans with credit scores below 600 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
    Tax Credit 2nd Loan
    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.
    Second Mortgage Program
    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+    		 7.050%
    6.050%
    HOME Program
    Program Name Key Features
    HOME Down Payment Assistance

    (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
    -Can be used with all types of loans
    -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
    -All loans must be closed and delivered to IHFA by January 1, 2010
    -Please direct all questions to resloan@ihfa.org or call 1-800-219-2285.
    Interest Rate
    0%

    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:
    AdamsBoise 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 $300,000
    Adams $67,560 $78,820 $78,820 $325,000
    Bannock $56,300 $64,745 $78,820 $275,000
    Bear Lake $67,560 $78,820 $78,820 $325,000
    Benewah $67,560 $78,820 $78,820 $325,000
    Bingham $67,560 $78,820 $78,820 $325,000
    Blaine $77,800 $89,470 $108,920 $425,000
    Boise $70,200 $81,900 $81,900 $400,000
    Bonner $67,560 $78,820 $78,820 $325,000
    Bonneville $59,500 $68,425 $83,300 $275,000
    Boundary $67,560 $78,820 $78,820 $325,000
    Butte $56,300 $64,745 $78,820 $275,000
    Camas $56,300 $64,745 $78,820 $275,000
    Canyon $73,080 $85,260 $85,260 $400,000
    Caribou $56,300 $64,745 $77,560 $275,000
    Cassia $67,560 $78,820 $78,820 $325,000
    Clark $67,560 $78,820 $78,820 $325,000
    Clearwater $67,560 $78,820 $78,820 $325,000
    Custer $67,560 $78,820 $78,820 $325,000
    Elmore $56,300 $64,745 $78,820 $275,000
    Franklin $56,300 $64,745 $78,820 $275,000
    Fremont $56,300 $64,745 $78,820 $275,000
    Gem $67,560 $78,820 $78,820 $400,000
    Gooding $67,560 $78,820 $78,820 $325,000
    Idaho $67,560 $78,820 $78,820 $325,000
    Jefferson $71,400 $83,300 $83,300 $325,000
    Jerome $67,560 $78,820 $78,820 $325,000
    Kootenai $67,560 $78,820 $78,820 $325,000
    Latah $58,800 $67,620 $82,320 $275,000
    Lemhi $67,560 $78,820 $78,820 $325,000
    Lewis $67,560 $78,820 $78,820 $325,000
    Lincoln $67,560 $78,820 $78,820 $325,000
    Madison $56,300 $64,745 $78,820 $275,000
    Minidoka $56,300 $64,745 $78,820 $275,000
    Nez Perce $56,300 $64,745 $78,820 $275,000
    Oneida $67,560 $78,820 $78,820 $325,000
    Owyhee $75,000 $87,500 $87,500 $400,000
    Payette $67,560 $78,820 $78,820 $325,000
    Power $56,300 $64,745 $78,820 $275,000
    Shoshone $67,560 $78,820 $78,820 $325,000
    Teton $71,280 $83,160 $83,160 $425,000
    Twin Falls $56,300 $64,745 $78,820 $275,000
    Valley $56,300 $64,745 $78,820 $400,000
    Washington $67,560 $78,820 $78,820 $325,000


    *To view a complete list of IHFA participating lenders and mortgage brokers, visit
    http://www.ihfa.org/idamortgage/residential_lenders.asp

    To access our underwriting guidelines visit the lender connection page here: https://lender.ihfa.org/lender/default.html