Buyer Information

Steps in the process

Anywhere in this process, Homebuyer Counseling can help you

Contacts on the Palouse
Karen Richel 
krichel@uidaho.edu 
208.883.2241 (direct line)
200 S. Almon Street, Suite 201 Moscow, ID 83843

Karen can work with you 1:1 on budgeting, improving credit, reducing debt, identity theft challenges, jobs, increasing discretionary funds, saving, etc. Together, you can have a plan to take to the lender.

1. See if your income and assets qualify

2. Find a lender

3. Get on the buyer list

1. See if you might qualify - income ceiling

a. Find your annual gross household income in this table (Your income must be less than the value shown for your household size):

• One person below $53,550

• Two people below $61,200

• Three people below $68,850

• Four people below $76,500

Table updated with current income levels effective 5/1/2024

(Households larger than 4, see this page. [This webpage is still 2024 numbers.] On the page, find Latah County. Read across on the "Low Income" line. 

b. Income floor

All buyers musst have an income greater than 50% AMI for a household of one, unless overridden by IHFA on projects using their funds.

c. Do you have some savings for down payment & closing costs?

d. Do you have assets to consider?

• Asset Limitation Includes all household members 

• Household liquid assets will be limited to no more than 12 months of monthly household expenses at closing. We will evaluate each household to determine the maximum amount for the individual household based on documentation provided by the buyer and the buyer’s lender at the time of review. (excludes retirement accounts); Household expenses are defined as reoccurring i.e. mortgage expense, installment loans, revolving debt, average utilities, average transportation, and food expenses. We may use the established budget from the Homebuyer Counseling session to assist with determining the limit.

• Working with your lender, if we determine your household assets exceed allowable limits, the excess funds must be invested in the home. Households may also choose to pay off/pay down debt with excess funds.

• ASSETS MAY NOT BE TEMPORARILY WITHDRAWN OR MOVED IN ORDER TO APPEAR UNDER THE ASSET LIMIT. ATTEMPTS TO HIDE ASSETS OR INTENTIONAL NON-DISCLOSURE WILL DISQUALIFY THE BUYER FROM PURCHASE.

• Buyers will be required to sign a certification they have disclosed all assets from all sources. 

• Income from assets over $5,000.00 (interest, dividends, etc.) is required to be included in the income calculation.

• Age 62+ (Elderly) households must be able to qualify for and accept a primary mortgage on the unit.

• Age 62+ (Elderly) households may be eligible to keep more in liquid assets than non-elderly households (excluding retirement accounts). Eligibility is determined at the time of income and asset review.

2. Find a lender 

You have a choice of lenders, below. MAHT gets funding from several sources, including a Federal program called HOME administered by Idaho Housing and Finance Association. In the event a home's construction funding is via HOME, the lender must work with Idaho Housing Finance Association (IHFA). See more on the Lender Information page.

If the project does not use HOME funds, your options for lenders is wider, but a lender must still be willing to work with a Communuty Land Trust sale.  Buyer, direct your lender to the Lender Information page.

3. Get on the Buyer List

Tami Quezada at Team Idaho maintains the Buyer List. This list is for any house that the Trust might have for sale, today or in the future. We go down the list, asking each person if they want (and qualify for) a particular house. You can stay on the list even if you pass up a house purchase. 

The Trust has new houses to sell on a regular basis. Its also possible that a current homeowner will want to sell and that also will be managed by the Buyer List.

To get to the top on the list, you need a "Pre-Qualifiation" letter from your lender. That letter also needs to state that the lender has reviewed  your income and you appear to qualify for your household size. Ask your lender to create this letter and provide it to Tami.

Tami Quezada
United Country Real Estate - TEAM IDAHO
tami@ucteamidaho.com
208/310-2172 (cell)

About the Program

Moscow Affordable Housing Trust uses a mix of funds to create affordable home ownership opportunities by rehabilitating houses or constructing new ones. Houses are sold using the Community Land Trust model. Learn more to understand how a CLT lowers the cost of your house by not selling the land.

Houses are sold via local real estate agents, please do not apply to the Moscow Affordable Housing Trust, contact Tami Quezada at Team Idaho Real Estate.  

Your next steps

1. Choose a lender. 

2. Have your lender review this page to help you prepare.

3. Get pre-approved for a mortgage and know your buying power.

4. Read and agree to other program requirements that your agent will find in the listing packet.

Making an Offer to Purchase a MAHT Land Trust house

Prior to making an offer, agents are strongly encouraged to contact our agent, Tami Quezada at Team Idaho Real Estate, for guidance with additional required materials.

Homebuyer Education & Counseling Required

Before closing the sale, participants in this program are required to complete the Finally HOME! course and if HOME funds are involved, get 2 hours of 1-1 counseling from an approved financial counceler. IHFA in Lewiston will provide this service. 

You will receive a certificate of completion from the Finally HOME course. A copy must be provided to your lender. In addition to meeting the program requirement, the course may qualify you for discounts from your lender.