Tag Archives: Ihfa

Some local Idaho resources that other states don’t have.

In Idaho, we are blessed to have Idaho Housing and Finance Association, a local non profit agency.  IHFA has a far reaching mission to promote home ownership and affordable housing in Idaho.

I have used IHFA on numerous occasions to get the best possible loan and interest rates for my Idaho mortgage clients.  there are times when an IHFA loan is not the best loan for my client, but I always check early in the process.  IHFA also services their loans afterwards.  That means my Idaho mortgage clients will get a statement from IHFA and make their monthly mortgage payment to IHFA.  They have a local office in Boise, Idaho where one can even make a payment in person.

In addition, they offer home buyer education, down payment assistance, and housing counseling for those facing financial difficulties after they buy a home.

If you are a first time home buyer or a repeat buyer, you might be well served by using an Idaho Housing and Finance Association mortgage loan program.

to learn more about IHFA mortgages, call me at 208-861-7579.

New Options for Idaho Home Buyers, zero down with NO MORTGAGE INSURANCE!

Our friends at Idaho Housing and Finance Association just rolled out a new program that will give Idaho Home Buyers a better option for low down payment financing.

The Program is called the Preferred Risk Program.  It its a Fannie Mae program that will finance up to 97% of the purchase price of the home.  It doesn’t have mortgage insurance, instead the rate is slightly higher than the IHFA FHA loan program. 

The payment on a $100,000 loan would be $493 (p&I).  On a $100,000 FHA program the P&I payment would be $463 but it carried a mandatory mortgage insurance premium of $95.83. The savings would be$65.83 per month using the preferred risk program.

One other benefit the IHFA preferred risk program has it that it can be combined with IHFA’s second mortgage program, the Good Credit Rewards, to get the homeowner in the home with zero down payment.  It can also be combined with the IHFA Down Payment Closing Cost grant program for those who qualify, also creating a zero down payment financing package.

The program does require the borrowers to have a decent credit score, 660 and take their home buyer education course, Finally Home.      

We are direct underwriters for Idaho Housing and Finance Association’s programs.  I have great respect for the staff at IHFA and feel confident when placing a client with them that it will be a positive experience for my clients.

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