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HFA Standard Affordable Housing Guidelines

  • Eligible borrowers' maximum income is $150,000 for all counties with some exceptions on specialized loans.
  • Maximum DTI: As established by agency guidelines.
  • Minimum credit score: As established by agency guidelines.
  • Insurance deductible: As established by agency guidelines.
  • Finally Home!®Homebuyer education is required for loans utilizing IHFA down payment assistance AND as established by agency guidelines. Only one certificate is required per loan.
  • Additional Requirements may apply to First Loan program. Please review product description on rate sheet for specific First Loan requirements.

Program and Lock Questions

Down Payment and Closing Cost Assistance

Second Mortgage (full program details)

  • 15 year fixed rate loan.
  • Interest rate is 1st Mortgage rate plus 2.00%.

Forgivable Loan (full program details)

  • Risk Adjustments apply
Freddie Mac HFA Advantage - Purchase Only
  • For purchase transactions only. The refinance product is available under the Refinance Only section of our ratesheet.
  • 97% maximum LTV.
  • Standard MI is required for borrowers over 80% AMI.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • 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.
Fannie Mae HFA Preferred - Purchase Only
  • For purchase transactions only. The refinance product is available under the Refinance Only section of our ratesheet.
  • 97% maximum LTV.
  • Standard MI is required for borrowers over 80% AMI.
  • No first-time homebuyer requirement.
  • DPCC assistance available:
  • 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- Purchase Only
  • See LLPA chart for additional rate add-ons.
  • For purchase transactions only. The refinance product is available under the Refinance Only section of our ratesheet.
  • AUS approval required.
  • Manufactured Homes are allowed per agency guidelines.
FHA/RD
VA - Purchase Only
FHA 203K Streamline
Freddie Mac HFA Advantage Rate/Term Refinance
  • Standard MI is required for borrowers over 80% AMI.
  • LPA approval required. No manual underwrites are allowed.
  • Must use Freddie Mac LPA AUS for HFA Advantage.
  • 97% maximum LTV.
  • For rate/term refinances only.
  • Manufactured homes are allowed per agency guidelines.
FHLMC Refi Possible
  • Borrower income must be at or below 80% AMI.
  • 97% maximum LTV.
  • Maximum DTI 65%.
  • See LLPA chart for additional rate add-ons.
  • Standard MI required.
  • For rate/term refinances only.
  • Manufactured homes are allowed per agency guidelines.
  • See Fact Sheet for additional details.
Fannie HFA Preferred Rate/Term Refinance
  • Standard MI is required for borrowers over 80% AMI.
  • Must use Fannie Mae DU AUS for HFA Preferred.
  • 97% maximum LTV.
  • For rate/term refinances only.
  • Manufactured homes are allowed per agency guidelines.
FNMA RefiNow
  • Borrower income must be at or below 100% AMI.
  • 97% maximum LTV.
  • Maximum DTI 65%.
  • See LLPA chart for additional rate add-ons.
  • Standard MI required.
  • For rate/term refinances only.
  • Manufactured homes are allowed per agency guidelines.
  • See Product Matrix for additional details.
Conventional Rate/Term Refinance
  • See LLPA chart for additional rate add-ons.
  • AUS approval required.
  • Manufactured homes are allowed per agency guidelines.
Conventional Cash-Out Refi
  • See LLPA chart for additional rate add-ons.
  • AUS approval required.
  • Manufactured homes are allowed per agency guidelines.
FHA Cash-Out Refinance
  • Manufactured homes are allowed per agency guidelines.
VA Cash Out
  • Manufactured homes are allowed per agency guidelines.
FHA Streamline Refi, VA Interest Rate Reduction Refi (IRRRL), USDA-RD Streamline Refi
  • 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.
15 Year Second Mortgage

  • This product is available for purchase transactions only.
  • 15 year fixed rate loan.
  • Interest rate = 1st Mortgage rate plus 2.00%.
  • Maximum amount of second mortgage is now 7% based on lesser of sales price or appraised value.
  • Not to exceed the maximum LTV / CLTV approved by mortgage insurance guidelines.
  • Finally Home! Homebuyer Education is required. Only one certificate is required per loan.
  • Borrowers must contribute at least .5% of the purchase price of their OWN funds into the transaction.
  • Documents are available on the login page and home page of Lender Connection.
Idaho Heroes 15 Year Second Mortgage

  • This product is available for purchase transactions only.
  • Available to nurses, teachers, and first responders (firefighters, police, paramedics and EMTs).
  • 15 year fixed rate loan.
  • Interest rate = 1st Mortgage rate plus 2.00%.
  • Maximum amount of second mortgage is now 7% based on lesser of sales price or appraised value.
  • Not to exceed the maximum LTV / CLTV approved by mortgage insurance guidelines.
  • Finally Home! Homebuyer Education is required. Only one certificate is required per loan.
  • .5% borrower contribution requirement waived.
  • The rate add-on for the DPA will be .125% instead of the normal .25%.
  • Documents are available on the login page and home page of Lender Connection.
Forgivable Loan

Forgivable Loan Terms

  • Available for purchase programs only.
  • Tiered forgiveness of 10% per year and fully forgivable at the end of year 10.
  • Any unforgiven balance will be due and payable upon sale or refinance.
  • Maximum amount of forgivable loan is 3% based on lesser of the sales price or appraised value.
  • Finally Home! Homebuyer Education is required. Only one certificate is required per loan.
  • Borrowers must contribute at least .5% of the purchase price of their OWN funds into the transaction.
  • Documents are available on the login page and home page of Lender Connection.
  • 0.125% added to the first mortgage interest rate for each 0.5% of forgivable loan used.
    • .125 for .50%
    • .25 for 1%
    • .375 for 1.5%
    • .50 for 2%
    • .625 for 2.5%
    • .75 for 3%

Terms for Combining Second Mortgage with Forgivable Loan

  • Borrower must be a first-time homebuyer (waived for Heroes eligible borrowers).
  • The combined total of Forgivable Loan and Second Mortgage cannot exceed 10%.
  • Combined DPCC option is available for the following loan programs:
    • First Loan
    • Idaho Heroes
    • Freddie Mac HFA Advantage 50% / 80% AMI
    • Fannie Mae HFA Preferred 80% AMI