Lender Information
Finding a Lender
Buyers/Realtor: MAHT uses different sources of construction funding: HOME administered by Idaho Housing and Finance Association and non-HOME funding. MAHT's realtor will know the nature of the funding sources and their requirements.
In the event some of the funding is HOME administered by Idaho Housing and Finance Association, the lender must be qualified by IHFA for HOME funds, see IHFA contact below.
In the event of non-HOME funded projects, the selection of lenders is broader.
In all cases, the home is being sold using the Community Land Trust model, where MAHT retains the land and leases it to the homebuyer. MAHT will accept the Fannie Mae Community Land Trust Ground Lease Rider.
MAHT is happy to speak with your preferred lender to help them understand CLT lending.
Buyers may choose from standard lending programs (FHA, VA, Conventional, USDA-RD) offered by their Lender.
Buyer/Realtor/Lender: In addition to the required Finally HOME homebuyer class, buyers need 2 hours of 1-1 HUD-certified financial counseling, provided locally by IHFA in Lewiston.
Lender: For some of our contruction loans, Idaho House and Finance Association will service the loan after it is originated by a bank. Questions about IHFA/HOME program? Lender should contact IHFA representative below.
Lender/Realtor: When helping the buyer think about borrowing capacity and pre-approval, these estimates may be helpful:
Expenses (estimated)
Taxes: Tax Assessment will be based on sale price of improvments only less homeowner exemption
Insurance: $50/mo
PMI: $0 - The Loan to Appraised fair market value should turn out to be 80% -- the subsidy held by the CLT serves as the downpayment
Ground Lease: $75/mo (Payable to MAHT for lease of land where home sits)
Lender/Realtor: As soon as your buyer has a signed P/S contract, please contact MAHT regarding our construction loan and its associated requirements. IHFA must approve buyer's qualifications if our contruction loan uses funds from the HOME program.
Lender: click here for guidance from Fannie Mae that may be helpful to the appraiser, especially if they are new to thinking about Community Land Trust appraising.
Your HOME program contact is
Kimberly Deming
Single Family Federal Programs Coordinator
Idaho Housing and Finance Association
565 W. Myrtle St., Boise, ID 83702
208.331.4819 | KimberlyD@ihfa.org