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
Current Interest Rate
5.02%
30-year fixed rate,subject to change. APR 5.13%
Homeownership Lending Contact Information
(208) 331-4883 Toll free 1-800-219-2285
resloan@ihfa.org

IdaMortgage
Loan Products		 Discount Points* Interest Rates
(Rates and amounts subject to change upon notice)		 Key Features
30-Year Loan Products
Advantage
Conventional
Add 1/2% for lender paid MIP
and Split Premium MI
FHA/VA Loan
EA1 Automated Approval

0
1
2
5.000%
4.875%
4.500%
-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
5.125%
4.875%
4.750%

0
1
2
5.000%
4.875%
4.500%
First Loan
Conventional
Add 1/2% for LPMI and Split Premium MI


FHA/VA/RD Loan

New! 95% Conventional***

0
1
2
5.02%
4.83%
4.64%
-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
5.120%
4.900%
4.680%

0
1
2
4.900%
4.690%
4.390%
40-Year Loan Product
Advantage

Add 1/2% for lender paid MI
and Split Premium MI

0
1
2
7.125%
6.875%
6.625%
-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

Down Payment and Closing Cost Assistance Available
Second Mortgage Program
Program Name Key Features
Good Credit Rewards
-30-Year Loan Product
-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.
-Maximum amount of 2nd mortgage is capped at 3.5%, with FHA and all Advantage loans, not to exceed 100% combined loan-to-value.
-Maximum amount of 2nd mortgage is capped at 5% with the Conventional First Loan products only, not to exceed 100% CTLV.
-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 $1000 in liquid assets after closing.
Credit Score Interest Rate
700-719
720+		 7.120%
6.120%
HOME Program
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

*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:
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 Guidelines 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 $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


*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