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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.
  • Our standard lock period is 45 days for existing properties. If necessary, a 15-day extension is available for .125% (on loan amount) and an additional 15-day extension is available for an additional .25% .Our New Construction Lock period is 90 days and will have a fee of .50%. For new construction, one 30-day extension is available for .50% (on loan amount). Fees are not required "up front", but will be taken from your wire at the time we purchase the loan.
  • Finally Home!®Homebuyer education is required if both borrowers are first-time homebuyers on some loans. 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 Grant (full program details)

  • Risk Adjustments apply
Fannie Mae's HFA Preferred LoMI / Freddie Mac's Home Possible Advantage for HFA
Interest Rate
Without Assistance 4.625%
With Assistance 4.750%
  • 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.
  • For Freddie Mac use LP AUS Home Possible Advantage for HFA.
  • Manufactured homes are allowed per agency guidelines.
Freddie Mac 50% AMI - Home Possible Advantage for HFA
Interest Rate
4.750%
  • Must use LP AUS for Home Possible Advantage for HFA.
  • Borrower's income must be less than 50% of Average Median Income (AMI). Income chart.
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • Purchase transactions only.
  • A Freddie Mac Gift of $2,500 is included. Gift can be used for down payment and/or closing cost assistance.
  • 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.
  • No Manufactured homes are allowed.
Freddie Mac 80% AMI - Home Possible Advantage for HFA
Interest Rate
4.750%
  • Must use LP AUS for Home Possible Advantage for HFA.
  • Borrower's income must be less than 80% of Average Median Income (AMI). Income chart.
  • 97% maximum LTV, with lower MI.
  • No first-time homebuyer requirement.
  • Purchase transactions only.
  • A Freddie Mac Gift of $1,500 is included. Gift can be used for down payment and/or closing cost assistance.
  • 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.
  • No Manufactured homes are allowed.
HFA Preferred Risk Share - No MI
Interest Rate
Without Assistance 5.375%
With Assistance 5.500%
  • 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. Only one certificate will be required.
  • For Freddie Mac use LP AUS for Home Possible Advantage for HFA.
  • Manufactured homes are allowed per agency guidelines.
Conventional
Interest Rate
20Y 0 4.625%
-1 4.500%
- 2 4.375%
15Y 0 4.375%
-1 4.250%
-2 4.125%
  • See LLPA chart for additional fees.
  • AUS approval required.
  • DPCC assistance available by contacting lockdesk@ihfa.org.
  • Manufactured Homes are allowed per agency guidelines.
FHA/RD
Interest Rate
Without Assistance 4.375%
With Assistance 4.500%
  • 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.
First Loan FHA/RD
Interest Rate
Without Assistance 4.320%
With Assistance 4.450%
VA
Interest Rate
+2 4.750%
+1 4.625%
0 4.375%
  • No first-time homebuyer requirement.
  • 1% and 2% credit 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.
First Loan VA
Interest Rate
+2 4.700%
+1 4.570%
0 4.320%
FHA 203K Streamline Rehabilitation
Interest Rate
4.500%
  • No manufactured homes.
  • Purchase transactions only.
  • No first-time homebuyer requirement.
  • 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.
First Loan 203K Streamline
Interest Rate
4.440%
FHA Cash-Out Refinance
Credits/
Discount Points
Interest Rate
0 4.500%
  • No manufactured housing
VA Cash Out and Rate-Term
Credits/
Discount Points
Interest Rate
+2 5.000%
+1 4.750%
0 4.500%
  • Manufactured homes are allowed per agency guidelines.
Conventional Cash-Out Refi
Credits/
Discount Points
Interest Rate
30Y 0 4.750%
-1 4.625%
- 2 4.500%
20Y 0 4.625%
-1 4.500%
-2 4.375%
15Y 0 4.375%
-1 4.250%
-2 4.125%
  • See LLPA chart for additional fees.
  • 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 5.250%
+2 5.000%
+1 4.750%
0 4.500%
  • 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 Grant

  • 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.