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Rate Sheet General Information

  • Eligible borrowers' maximum income is $110,000 for all counties (except Blaine County which is $120,000) with some exceptions on specialized loans. See specific requirements in detailed rate sheet below.
  • Minimum middle-credit score of 620 is required for all borrowers. Higher credit scores may be required for some programs.
  • Reasonable and customary fees may be charged.
  • Interest rates are subject to change without advance notice.
  • We have new locking guidlines. Please review them here.
  • Finally Home!®Homebuyer education is now required on all Fannie Mae Preferred Lo MI 80% AMI, Freddie Mac 50% and 80% AMI, on all loans that include DPCC assistance, and when Freddie or Fannie requires it (when both borrowers are first-time homebuyers). See specific requirements in detailed rate sheet below.
  • Click here for Homebuyer Tax Credit MCC program availability.

For more information, please call toll free 855-505-4700 (ext 8600) or 208-331-4700. For program questions, please email resloan@ihfa.org. For lock questions, please email lockdesk@ihfa.org.

Second Mortgage (full program details)

  • Fixed rate of 5% over 10 years making the monthly payment low so borrowers can easily qualify for the loan amount.

Forgivable Loan (full program details)

  • Risk Adjustments apply

Rates updated on December 13, 2019 08:51:17 AM

Freddie's HFA Advantage
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • Must use Freddie Mac LPA AUS for HFA Advantage.
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required if both borrowers are first-time homebuyers or they are using a DPA program. Only one certificate will be required.
  • No Manufactured homes are allowed.
Freddie Mac 50% AMI - HFA Advantage
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • Must use LPA AUS for HFA Advantage.
  • A Freddie Mac Gift of $2,500 is included. Gift can be used for down payment and/or closing cost assistance.
  • Other DPCC assistance available:
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • Purchase transactions only.
  • Borrower's income must be less than 50% of Average Median Income (AMI). Income chart.
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required. Only one certificate will be required.
  • No Manufactured homes are allowed.
Freddie Mac 80% AMI - HFA Advantage
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • Must use LPA AUS for HFA Advantage.
  • A Freddie Mac Gift of $1,500 is included. Gift can be used for down payment and/or closing cost assistance.
  • Other DPCC assistance available:
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • Purchase transactions only.
  • Borrower's income must be less than 80% of Average Median Income (AMI). Income chart.
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required. Only one certificate will be required.
  • No Manufactured homes are allowed.
Freddie Mac HFA Advantage Risk Share - No MI
Interest Rate
Without Assistance 5.000%
With Assistance 5.125%
  • For Freddie Mac must use LPA AUS for HFA Advantage.
  • 81% to 97% LTV.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required if both borrowers are first-time homebuyers or they are using a DPA program. Only one certificate will be required.
  • No Manufactured homes are allowed.
Fannie HFA Preferred Lo MI with DU Case #s prior to 9/5
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required if both borrowers are first-time homebuyers. Only one certificate will be required.
  • Manufactured homes are allowed per agency guidelines.
Fannie's HFA Preferred Lo MI 80% AMI
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required. Only one certificate will be required.
  • Manufactured homes are allowed per agency guidelines.
Fannie HFA Preferred Over 80% AMI - For DU's after 9/4/19
Interest Rate
Without Assistance 3.750%
With Assistance 3.875%
  • See LLPA chart for additional rate add-ons.
  • 97% maximum LTV.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
  • Finally Home!®Homebuyer education is required if both borrowers are first-time homebuyers or they are using a DPA program. Only one certificate will be required.
  • Manufactured homes are allowed per agency guidelines.
Conventional
Interest Rate
20Y 0 3.625%
-1 3.500%
- 2 3.375%
15Y 0 3.250%
-1 3.125%
-2 3.000%
  • See LLPA chart for additional rate add-ons.
  • AUS approval required.
  • DPCC assistance available by contacting lockdesk@ihfa.org.
  • Manufactured Homes are allowed per agency guidelines.
First Loan FHA/RD
Interest Rate
Without Assistance 3.250%
With Assistance 3.375%
First Loan VA
Interest Rate
+2 3.750%
+1 3.500%
0 3.250%
FHA/RD
Interest Rate
Without Assistance 3.375%
With Assistance 3.500%
  • No first-time homebuyer requirement.
  • Finally Home!®Homebuyer education is required if DPA is used.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
VA
Interest Rate
+2 3.875%
+1 3.625%
0 3.375%
  • No first-time homebuyer requirement.
  • 1% and 2% credit available.
  • Finally Home!®Homebuyer education is encouraged but not required.
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers and previous homeowners in targeted counties only. Click here for more information about the MCC program.
First Loan 203K Streamline
Interest Rate
3.375%
FHA 203K Streamline Rehabilitation
Interest Rate
3.500%
  • No manufactured homes.
  • Purchase transactions only.
  • No first-time homebuyer requirement.
  • Finally Home!®Homebuyer education is required if DPA is used. Only one certificate required.
  • DPCC assistance available:
  • The Homebuyer Tax Credit (MCC) is available to all first-time homebuyers. It is also available to previous homeowners in targeted counties only. A previous homeowner is someone who has had an interest in a primary residence in the past three years. Click here for more information about the MCC program.
FHA Cash-Out Refinance
Credits/
Discount Points
Interest Rate
0 3.500%
  • No manufactured housing
VA Cash Out and Rate-Term
Credits/
Discount Points
Interest Rate
+2 4.000%
+1 3.750%
0 3.500%
  • Manufactured homes are allowed per agency guidelines.
Conventional Cash-Out Refi
Credits/
Discount Points
Interest Rate
30Y 0 3.750%
-1 3.625%
-2 3.500%
20Y 0 3.625%
-1 3.500%
-2 3.375%
15Y 0 3.250%
-1 3.125%
-2 3.000%
  • See LLPA chart for additional rate add-ons.
  • AUS approval required.
  • No manufactured housing.
FHA Streamline Refi, VA Interest Rate Reduction Refi (IRRRL), USDA-RD Streamline Refi
Credits/
Discount Points
Interest Rate
+3 4.250%
+2 4.000%
+1 3.750%
0 3.500%
  • Current loan does not have to be an IHFA loan.
  • Income and credit verified for non-IHFA refinances.
  • Appraisal optional.
  • Single-family dwellings only.
  • Manufactured homes are allowed per agency guidelines.
Second Mortgage

  • Fixed rate of 5% over 10 years making the monthly payment low so borrowers can easily qualify for the loan amount they need.
  • Credit scores
    • Preferred and Advantage program with a 680+ credit score.
    • First Loan products with a minimum credit score of 640.
  • Maximum amount of second mortgage based on lesser of sales price or appraisal
    • 2.5% for Advantage or HFA Preferred.
    • 3.5% for First Loan program.
    • Not to exceed the maximum LTV approved by mortgage insurance guidelines.
  • First Loan income limits apply for FHA loans with the second mortgage.
  • Finally Home! Homebuyer Education is required if both borrowers are first-time homebuyers. Only one certificate is required for both borrowers.
  • Borrowers must contribute at least .5% of the purchase price of their OWN funds toward the transaction.
Forgivable Loan

  • Available for purchase and rate term refinance programs.
  • 0% interest 7yr grant.
  • Forgivable years 4-7
    • 25% is forgiven if paid off in year 5 (months 48-60)
    • 50% is forgiven if paid off in year 6 (months 61-72)
    • 75 % is forgiven if paid off in year 7 (months 73-84)
    • 100% is forgiven after year 7 (after month 84)
  • Risk adjustment 1/8th % for each half % of DPCC up to 3.5%
    • .125 for .50%
    • .25 for 1%
    • .375 for 1.5%
    • .50 for 2%
    • .625 for 2.5%
    • .75 for 3%
    • .875 for 3.5%
  • A lien should be placed on the title for the amount of the grant. The terms of forgiveness are described on the note. Documents will be available on Lender Connection on September 4, 2018.
  • Can be combined with the second mortgage on the First Loan program as well as the Freddie Mac Home Possible Advantage for HFA – 50% and 80% AMI programs.
  • Finally Home! Homebuyer Education is required if both borrowers are first-time homebuyers. Only one certificate is required for both borrowers.
  • A minimum cash investment of .5% of sales price must be the borrower's own funds.
  • May be used for down payment or closing cost assistance.