Category: State Loan Types – FHA/VA/RD State HFA name: Idaho Housing and Finance Association State Website: IHFA website State email address: resloan@ihfa.org

Government First Mortgage Qualifications:

• Lender Eligibility
• Eligible First Mortgage Loan Types
• Purpose: Purchase, rate/term refi, and cash out refi available
• Occupancy requirements
• Eligible Property Types
• Manufactured Housing permitted
• Ineligible Property Types
• No minimum FICO/credit score with AUS approval
• Qualifying Income: $150,000 statewide
• Debt-to-Income Ratios: AUS approval only, 50% DTI cap
• Manual underwriting permitted
• Minimum Downpayment/Borrower Cash Contribution: 0.50%
• LTV requirements
• Total/Combined LTV requirements
• Non-Occupant Co-Borrowers permitted
• Non-Occupant Co-Signers permitted
• Non-Borrowing Occupant on Title permitted
• IRS Tax Return/IRS Form 4506-C not required unless AUS requires it
• Assumability
• Home Warranty Requirements
• Property Inspection Requirements
• Insurance Requirements
• Hazard Insurance Transfer Letter required
• Title Insurance required

Down Payment Assistance (DPA) Qualifications:

• Eligible Use of Funds
• Borrower Restrictions
• DPA Type: 15-year fully-amortizing loan or 10-year forgivable loan (10% forgiven each year)
• Maximum DPA Loan Amount: Up to 7% of lesser of sales price or appraised value
• Permissible Lien Position for DPA
• Title Insurance Requirements for the DPA
• Homebuyer Education/Counseling Requirement: Finally Home! Online course required for one borrower when using DPA funds

First Mortgage Closing and Delivery:

• Funds Provider at Closing
• Note/Mortgage Closed in Name of Lender
• Channels Permitted: Brokers eligible
• HFA Mortgage Rate Posting Locations: 1) Optimal Blue, 2) Lender Connection
• Allowable Third Party Fees Payable by Borrower
• Allowable Lender Fees: Reasonable and customary fees permitted
• Servicing Release Premium Info: Contact Lockdesk@ihfa.org
• E-Notes permitted
• MERS required for First Mortgage
• EIN: 82-0302333
• First Mortgage Servicing: HomeLoanServ, a division of Idaho Housing and Finance Association

DPA Closing and Delivery:

• Lender funded 1st & 2nd loans
• DPA Note/Mortgage Closed in Lender’s Name, allonge/endorsement to HFA needed
• DPA Fees Permitted
• No Prior Approvals/Compliance Review Required
• DPA Servicer: HFA
• 0.05% borrower contribution requirement, cash back to borrower permitted
• DPA closed in Lender’s Name, MERS required
• ID Lender Log In for DPA Documentation
• Original DPA Note Delivery Address: 565 West Myrtle Street, Boise, ID 83702
• Post Closing/Delivery Upload Address: Same as above

First Mortgage FAQs:

• Interested Party Contributions permitted
• Escrows/Impounds required on all loans
• 0.05% borrower contribution required, cash back permitted
• This program is QM exempt