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1.     First Loan Products are first-time loan products which offer gifts and second mortgage loans to cover the down payment. These products are only for Federal Housing Administration and Veterans Administration borrowers who fall within Idaho’s State specified income and purchase-price limits. The maximum income for you to be an eligible borrower is $90,000 (for all counties), with exception of Blaine County which is $110,000. The minimum middle-credit score has to be of 620.

 The FHA offers an interest rate of 3.75% and it is 2% higher than the rate on the 1st mortgages (for borrowers with credit scores 620-679) and 1% higher (for borrowers with credit score 680 and above).

The VA First Loan offers an interest rate of 3.500% and it is 2% higher than the rate on the 1st mortgages (for borrowers with credit scores 620-679) and 1% higher (for borrowers with credit score 680 and above). For both FHA and VA First Loan sales price and income limits apply. The borrower must not have been the owner of a home in the past 3 years in non-targeted counties. Another requirement is that Tax Credit MCC program CANNOT be used with these products.

First Loan Products require a homebuyer education certificate. Even if you have to be a first-time borrower, manufactured homes are allowed as well and you may rent the property after 12 months of owner occupancy. You can also refer to the Housing Assistance Guide for further information about Idaho Loan Products and Programs.

 

2.     Preferred Loan Products include the HFA Preferred Lo MI Program and the HFA Preferred Risk Share - No MI Program. These two loan products are allowed to be paired with the Homebuyer Tax Credit Program. The interest rate for these programs may vary between 3% and 4.25% according to programs’ requirement. The maximum income for you to be an eligible borrower is $90,000 (for all counties), with exception of Blaine County which is $110,000. The minimum middle-credit score has to be of 620.

The HFA Preferred Lo MI is loan program for first-time homebuyers and it has a lower MI option available. It doesn’t allow manufactured homes. The Good credit rewards second mortgage is available only on par rate. Finally Home! Homebuyer Education is required.

The HFA Preferred Risk Share - no MI is also a loan program for first-time homebuyers which allows purchases and rate/term refinance options. The program doesn’t allow manufactured homes, but Good credit rewards second mortgage is available. Finally Home!® Homebuyer Education is required. You can also refer to the Housing Assistance Guide for further information about Idaho Loan products and Programs.

 

3.     Advantage Loan Products are a series of programs for first-time borrowers and/or repeat borrowers. If you are an eligible borrower, you can meet income limits and thus to receive rebates for down payment or closing costs or you can buy your rate to facilitate a lower monthly payment.

The Advantage Programs include: FHA/VA/RD, manufactured housing, 30, 20 and 15-year Conventional Loans, and FHA 203(k).

Advantage FHA/VA/RD does not require that you be the first time buyer and your interest rate will vary between 3.25 and 4%. The program also allows manufactured housing, but cannot combine Good Credit Rewards 2nd mortgages and gift products.

The 30, 20 and 15-year Conventional Loans offer an interest rate which can vary between 2.125% and 4.125%. For these Advantage Products the requirements vary from program to program and that’s the reason you need to take the services of an Advanced Products specialized Lender.

Manufactured Homes - 30 year Program allows borrowers with a minimum mid-credit score of 680. For this program, loans must be approved through Automated Underwriting System.

The FHA 203(k) Streamline Rehabilitation Program has an interest rate varying between 3.25% and 4% and it doesn’t allow manufactured homes, but purchased transactions only. You can also refer to the Housing Assistance Guide for further information about Idaho Loan products and Programs.

 

4.     Good Credit Rewards Program is a 10-year fixed-rate second mortgage for down payment and closing costs. To be an eligible borrower, your income has to be of no more than $90,000 and a credit score of 700 and above.

The Good Credit Rewards Program can be used with Advantage loan products at par rate or discounted rates and the minimum liquid assets (after closing) has to be of $5000. The credit is not applicable for refinances, but will get the second mortgage at 2 percent above Idaho Housing's standard interest rate instead. The interest rate is 2% higher than mortgage rate of the first mortgage.

Good Credit Rewards Program requires a minimum of .5% borrower cash investment into the transaction and, when the credit is used together with an FHA loan, income limits apply.  You also need to know that a Finally Home! Homebuyer Education will be required, but only if you are a first-time homebuyer. You can also refer to the Housing Assistance Guide for further information about Idaho Loan products and Programs.

 

5.      HOME Down Payment Closing Cost (DPCC) Assistance Program is a program available for homebuyers with an annual household income at or below 80% of area median income. This is a special program which allows you to combine it with other programs having differing amounts of subsidy. Thus, becoming an eligible borrower will allow you to combine this program with all Idaho Housing first mortgage products. Instead, it cannot be used in conjunction with IHFA Gift programs or other IHFA 2nd mortgage programs. For further information it is necessary that you contact a Home specialized Lender.

A HOME Down Payment Closing Cost (DPCC) Assistance Program special requirement is for houses constructed on or before January 1, 1978 which were temporarily suspended from this program.

The HOME Down Payment Closing Cost (DPCC) Assistance Program offers you a minimum of $1,000 (and not to exceed $8,000) with a maximum of 3.5% of the HOME maximum purchase price. The assistance is granted if your household income is less than 80 percent of the median income in your area. You can also refer to the Housing Assistance Guide for further information about Idaho Loan products and Programs.

 

6.     New Homebuyer Tax Credit Program is a loan program where first-time homebuyer requirements apply, but only in non targeted areas. The tax credit has the advantage to directly reduce your income tax due and the unused tax credit can be carried forward for up to three years. Only the owner occupancy requirement is a must in order to receive tax credit.

The New Homebuyer Tax Credit Program can be used with all other Idaho Housing purchase loan products, but it cannot be used with First loan products.

To become an eligible borrower, you have to fulfill the Idaho Housing’s First Loan program household income limits and to pay a $300 fee. Instead, you will get up to $2,000 – or 50 percent of the total mortgage interest paid – in tax credits. The tax credit is for the life of the loan. If you take, for example, a $150,000, 30-year mortgage at 4% interest rate loan, you may receive nearly $10,000 in tax credits in just the first five years. You can also refer to the Housing Assistance Guide for further information about Idaho Loan products and Programs.

 

Housing Assistance Guide

First Loan Products

FHA First Loan

VA First Loan

Advance Products Lender

Finally Home! ® Homebuyer Education 

Finally Home!® Online Classroom 

Preferred Loan Products

The HFA Preferred Lo MI is loan program

The HFA Preferred Risk Share - no MI

Advantage FHA/VA/RD

Manufactured Homes - 30 year Program

The FHA 203(k) Streamline Rehabilitation Program