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IdaMortgage Loan Program
IdaMortgage Loans are not only just for first-time homebuyers
Program Fact Sheet for Lenders & Mortgage Brokers
brought to you by Idaho Housing and Finance Association
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Current Interest Rate
5.850%
30-year fixed rate,subject to change. APR 5.99%
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Homeownership Lending Contact Information
| 30-Year Loan Products |
Conventional
Add 1/2% for lender paid MIP
|
FHA/VA Loan
|
EA1 Automated Approval
|
|
0
1
2 |
5.875%
5.750%
5.375%
|
| - | No first-time homebuyer requirement |
| - | No sales price limits |
| - | Below-market fixed rate product for higher-income borrowers* |
| - | May be used for purchase or refinance |
|
0
1
2 |
6.500%
6.250%
5.750% |
0
1
2 |
5.875%
5.750%
5.375% |
Conventional
Add 1/2% for lender paid MIP
|
FHA/VA/RD Loan
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New! 95% Conventional***
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|
0
1
2 |
5.850%
5.600%
5.390% |
| - | First-time homebuyer requirement may apply* |
| - | Sales price limits apply* |
| - | Lowest fix rate product for low-to-moderate income borrowers* |
| - | May be used with Conventional, FHA, VA, and RD loans |
| | ***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. |
|
0
1
2 |
6.250%
6.100%
5.960% |
0
1
2 |
5.850%
5.600%
5.390% |
| 40-Year Loan Product |
Add 1/2% for lender paid MIP
|
|
0
1
2 |
6.875%
6.625%
6.250%
|
| - | No first-time homebuyer requirement |
| - | No sales price limits |
| - | Below-market fixed rate product for higher-income borrowers* |
| - | May be used with conventional loans only |
| - | May be used for purchase or refinance |
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| Down Payment and Closing Cost Assistance Available |
| Program Name |
Key Features |
| Good Credit Rewards |
| - | 30-Year Loan Product |
| - | Maximum amount capped at 3.5%, or 5% for First Loan program conventional loans, 100% maximum combined loan-to-value |
| - | All borrowers must have credit scores higher than 700 |
| - | Interest rate is 1% higher than First Loan rate for borrowers with credit scores of 720 or higher |
| - | Interest rate is 2% higher than First Loan rate for borrowers with credit scores of 700 to 719 |
| - | Homebuyer education is required for buyers with credit score lower than 720 |
| - | Borrowers must contribute $500 and use other available cash on hand, gifts, or other grants |
| - | Monthly payment will be considered in total debt ratio |
|
700-719
720+ |
8.250%
7.250% |
| Program Name |
Key Features |
| HOME Down Payment Assistance |
| - | Grant program for borrowers with less than 80% of area median income |
| - | Minimum of $1,000 – maximum of $20,000 is based on need & the adjusted
gross household
area median income (AMI) as shown on the "Assistance Level Chart" at www.IdaMortgage |
| - | Can be used with all types of loans |
| - | Zero % deferred loan – forgivable over period of affordability that could
range from a five year to a ten year period at 20% that the owner both owns
the property and resides in the property as owner’s principal place of
residence and makes all payments due
|
| - | Must be a first-time homebuyer, with exceptions for displaced homemakers or single parents
with custody of children |
| - | Finally Home!® Homebuyer Education program completion prior to applying for the assistance |
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*See Borrower Requirements for more details
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.
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Borrower Income Guidelines and Home Sales Price Limits
The borrower’s annual gross income cannot exceed the following
:
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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 |
$60,900 |
$70,035 |
$85,260
|
$300,000 |
| Adams |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Bannock |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Bear Lake |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Benewah |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Bingham |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Blaine |
$74,800 |
$86,020 |
$104,720
|
$425,000 |
| Boise |
$70,200 |
$81,900 |
$81,900
|
$400,000 |
| Bonner |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Bonneville |
$56,900 |
$65,435 |
$79,660
|
$275,000 |
| Boundary |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Butte |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Camas |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Canyon |
$73,080 |
$85,260 |
$85,260
|
$400,000 |
| Caribou |
$55,300 |
$63,595 |
$77,420
|
$275,000 |
| Cassia |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Clark |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Clearwater |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Custer |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Elmore |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Franklin |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Fremont |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Gem |
$65,040 |
$75,880 |
$75,880
|
$400,000 |
| Gooding |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Idaho |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Jefferson |
$68,280 |
$79,660 |
$79,660
|
$325,000 |
| Jerome |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Kootenai |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Latah |
$57,100 |
$65,665 |
$79,940
|
$275,000 |
| Lemhi |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Lewis |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Lincoln |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Madison |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Minidoka |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Nez Perce |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Oneida |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Owyhee |
$73,080 |
$85,260 |
$85,260
|
$400,000 |
| Payette |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Power |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Shoshone |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
| Teton |
$70,320 |
$82,040 |
$82,040
|
$425,000 |
| Twin Falls |
$54,200 |
$62,330 |
$75,880
|
$275,000 |
| Valley |
$54,400 |
$62,560 |
$76,160
|
$400,000 |
| Washington |
$65,040 |
$75,880 |
$75,880
|
$325,000 |
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