HFA Standard Affordable Housing Guidelines

  • Eligible borrowers' maximum income is $170,000 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 when AUS findings require HBE. 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%.
Fannie Mae HFA Preferred - Purchase Only
  • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
  • 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 borrower is using an IHFA DPA or if required by AUS (Fannie & Freddie). Only one certificate will be required.
  • Manufactured homes are allowed per agency guidelines.
First Loan Tax Exempt - Conventional
  • For purchase transactions only.
  • 97% maximum LTV.
  • Standard MI is required for borrowers over 80% AMI.
  • Must be a first-time homebuyer except in Targeted Counties.
  • Post Closing Compliance Approval Required.
  • Tax Exempt Income Limits apply. (income limits)
  • DPCC assistance available:
  • Finally Home!®Homebuyer education is required if borrower is using an IHFA DPA or if required by AUS (Fannie & Freddie). Only one certificate will be required.
Conventional - Purchase Only
  • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
  • 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.
Freddie Mac HFA Advantage - Purchase Only
  • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
  • 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 borrower is using an IHFA DPA or if required by AUS (Fannie & Freddie). Only one certificate will be required.
FHA/RD
First Loan Tax Exempt - FHA/RD
  • For purchase transactions only.
  • Must be a first-time homebuyer except in Targeted Counties.
  • Post Closing Compliance Approval Required.
  • Tax Exempt Income Limits apply. (income limits)
  • DPCC assistance available:
  • Finally Home!®Homebuyer education is required if borrower is using an IHFA DPA or if required by AUS (Fannie & Freddie). Only one certificate will be required.
VA - Purchase Only
First Loan Tax Exempt - VA
  • For purchase transactions only.
  • Must be a first-time homebuyer except in Targeted Counties.
  • 1% and 2% credit available.
  • Temporary buydowns are not allowed.
  • Post Closing Compliance Approval Required.
  • Tax Exempt Income Limits apply. (income limits)
  • Finally Home!®Homebuyer education is required if borrower is using an IHFA DPA or if required by AUS (Fannie & Freddie). Only one certificate will be required.
    • FHA 203k Limited
    • Purchase and refinances allowed.
    • No first-time homebuyer requirement.
    • Finally Home!®Homebuyer education is required if DPA is used. Only one certificate required.
    • DPCC assistance available:
    • Manufactured homes are allowed per agency guidelines.
    Fannie HFA Preferred Rate/Term Refinance
    • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
    • 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
    • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
    • See LLPA chart for additional rate add-ons.
    • AUS approval required.
    • Manufactured homes are allowed per agency guidelines.
    Conventional Cash-Out Refi
    • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
    • See LLPA chart for additional rate add-ons.
    • AUS approval required.
    • Manufactured homes are allowed per agency guidelines.
    Freddie Mac HFA Advantage Rate/Term Refinance
    • Lower rates for loan amounts $350,000 or less. See Low Loan Balance(LLB chart) for current rate adjustments. Applied to the base pricing when loan is locked.
    • 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.
    FHA Cash-Out Refinance
    • Manufactured homes are allowed per agency guidelines.
    VA Cash Out
    • 90% maximum LTV
    • 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.
    $2500 Gift
    VLIP 50% AMI $2500 Credit
    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 8% 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 $500 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 8% 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.
    • $500 borrower contribution requirement waived.
    • The rate add-on to the first mortgage for the DPA is waived.
    • Documents are available on the login page and home page of Lender Connection.