Quick Reference Sheet for Lending Partners

This Quick Reference Sheet provides you with IHFA's current interest rates and loan products available. 

For complete program requirements, log on to Lender Connection for IHFA underwriting guidelines.

Brokers, for compensations details, email lockdesk@ihfa.org. 

Certain restrictions apply. Programs are subject to change at any time.

Homebuyer Tax Credit Program

Up to $2,000, or 25%, of the total mortgage interest paid in income tax credits each year. The credit is available for the life of the loan. 

  • Can be used with Idaho Housing loan products
  • First-time homebuyer requirements apply
  • Owner occupancy is required to receive tax credit
  • $300 fee from borrower
  • Income Limits Apply
More Details...

Toll Free 1-800-219-2285
(208) 331-4883

For program questions, 
email resloan@ihfa.org

For lock questions,
email lockdesk@ihfa.org

Purchase Products

Rates updated on June 178 2013 9:00 A.M. 

Key Features:
ProductDiscount PointsOptional DeliveryProduct Specifics

Conventional 30 year

0
1
2
3.91%
3.74%
3.61%
See LLPA chart below for LTV/FICO adjustments to the Conventional and DU Refi Plus Program

15 year

0
1
2
2.96%
2.81%
2.66%

See LLPA chart below for LTV/FICO adjustments to the Conventional and DU Refi Plus Program

Add .25% to the rate for cash out

20 year

0
1
2
3.59%
3.44%
3.29%

See LLPA chart below for LTV/FICO adjustments to the Conventional and DU Refi Plus Program

Add .25% to the rate for cash out

Preferred No MI

0
1
2
4.77%
4.62%
4.47%
  • Maximum first mortgage 97% Loan to value
  • Up to 100% with down payment assistance
  • No minimum investment required
  • Homebuyer Education is required
  • Lower Mortgage Insurance option available
  • Purchases and rate/term refinance option
  • No manufactured homes

Specific Income Limits Apply
Specific Manual Underwriting Criteria Apply

Preferred Lo MI

0
1
2
3.99%
3.84%
3.69%
  • Maximum first mortgage 97% Loan to value
  • Up to 100% with down payment assistance
  • No minimum investment required
  • Homebuyer Education is required
  • Lower Mortgage Insurance option available
  • Purchases and rate/term refinance options
  • No manufactured homes

Specific Income Limits Apply
Specific Manual Underwriting Criteria Apply

FHA/VA Loan

+3
+2
+1
0
4.5%
4.25%
4%
3.75%
Loans with credit scores between 580 and 620 require AUS approval and are ineligible if the DTI exceeds 45%

RD Loan

+3
+2
+1
0
2
4.5%
4.25%
4%
3.75%
3.25%
Loans with credit scores between 580 and 620 are ineligible if the DTI exceeds 45%

Manufactured Homes

0
1
4.5%
4.25%
  • Loan types may be FHA/VA or Conventional
  • Conventional-Maximum CLTV 80%
  • Eligible borrowers will have a minimum mid-credit score of 680
  • Loans must be approved through Loan Prospector's Automated Underwriting or DU System
  • Rate term refinancing okay

FHA 203(k) Streamline Rehabilitation Loan

+3
+2
+1
0
1
2
4.5%
4.25%
4%
3.75%
3.5%
3.25%
  • Loans with credit scores between 580 and 620 require AUS approval and are ineligible if the DTI exceeds 45%
  • No manufactured houses

Refinance Products

ProductDiscount PointsOptional DeliveryProduct Specifics

FHA Cash-Out Refinance

+1
0
4%
3.75%
  • Loans with credit scores between 580 and 620 require AUS approval and are ineligible if the DTI exceeds 45%
  • No manufactured houses

Conventional Cash-Out Refinance

0
1
2
4.16%
4.01%
3.86%
  • See Conventional Cash-Out Refinance LLPA Chart below
  •  No manufactured houses

FHA Streamline Refinance
and
VA Interest Rate Reduction Refinance Loan (IRRRL)
and
USDA-RD Streamline Refinance Loan

+3
+2
+1
0
1
4.5%
4.25%
4%
3.75%
3.5%
  • Minimum middle credit score of 580 is required for all borrowers (680 for manufactured housing)
  • Current loan does not have to be an IHFA loan
  • Premium pricing available to cover closing costs and prepaids only
  • Borrowers must be eligible for Advantage Loan products and meet income limits
  • Three file merge credit report required
  • Full income documentation required for income limit purposes only for FHA/VA
  • Transactions may be processed with or without an appraisal
  • Single Family dwellings only
  • Manufactured houses - see manufactured home section

Streamline Manufactured Home

+3
+2
+1
0
5.25%
5%
4.5%
4.5%
  • Minimum 680 FICO
  • FHA/VA Only
  • Credit Report
  • Full income verification
  • Advantage income limits apply
  • Copies of existing foundation inspection and Intent to Declare Real Property are required.

 

FHLMC & FNMA HARP >125%

0
1
2
4.39%
4.25%
4.11%
       
  • Add .50% to the rate for LPMI (Lender Paid MI)
  • See LLPA chart below for LTV/FICO
  • AUS approval required

FHLMC & FNMA HARP <125%

0
1
2
4.34%
4.2%
4.06%
       
  • Add .50% to the rate for LPMI (Lender Paid MI)
  • See LLPA chart below for LTV/FICO
  • AUS approval required

HARP 15 year

0
1
2
3.51%
3.36%
3.21%
       
  • Add .50% to the rate for LPMI (Lender Paid MI)
  • See LLPA chart beloo for LTV/FICO
  • AUS approval required

HARP 20 year

0
1
2
4.02%
3.87%
3.72%
       
  • Add .50% to the rate for LPMI (Lender Paid MI)
  • See LLPA chart below for LTV/FICO
  • AUS approval required

LLPA Chart

  • Add Conventional fee to the rate
  • No additional add-ons for subordinated Community seconds
  • Other subordinated seconds will be considered on a case-by-case basis and may result in additional add-ons
  • Add-ons based on the lowest credit score of all borrowers
  • Condos add .50% to the rate
  • Add .25% cashout refi
Credit Score
LTV < 60%
LTV 60.01 - 75.0
LTV 75.01 - 85.0
LTV 85.01+
DRPlus
720 or above 0.000 0.125 0.125 0.125 0.000
700 - 719 0.000 0.250 0.250 0.500 0.125
680 - 699 0.000 0.375 0.375 0.375 0.375
660 - 679 0.000 0.500 0.625 0.625 0.625
640 - 659 0.125 0.625 0.750 0.750 0.750
620 - 640 0.125 0.875 0.875 0.875 0.875

Down Payment and Closing Cost Assistance Programs

ProductKey Features
HOME
  • Available for homebuyers with a household income less than 80% of area median income
  • Minimum of $1,000 with a maximum of 3.5% of the purchase price not to exceed $8,000, based on borrower's need, and the adjusted gross household area median income (AMI)
  • Borrower eligibility and program requirements
  • Can be used with all of Idaho Housing loan products
  • Down Payment Loan Assistance available
  • Please direct all questions to homedpcc@ihfa.org or call 1-877-447-2687
Good Credit Rewards Loan
  • 30-Year Loan Product
  • Can be used with all purchase-transaction Idaho Housing first mortgage loans. Not applicable to refinances.
  • Interest rate is 1% higher than mortgage rate of the first mortgage for borrowers with credit scores of 720 or Higher
  • Interest rate is 2% higher than mortgage rate of the first mortgage for borrowers with credit scores of 680 to 719
Neighborhood Stabilization Program Homeownership Assistance
  • Need based acquisition subsidy
  • Maximum total debt to income ratio 43%
  • Income restrictions up to 120% of Area Median Income
  • Minimum investment of $500.00 from homebuyer
  • Classroom Homebuyer Education required


More Details for NSP 1
More Details for NSP 3