To participate in this program the lender must work with Idaho Housing Finance Association (IHFA).
Locally, Banner Bank, HomeBridge Financial, Wells Fargo and Umpqua Bank are qualified. (Others may be qualified as well, let us know and we'll update this page.) Regionally, Washington Federal and Guild Mortgage qualify. IHFA will service the loan after it is originated by a bank. IHFA accepts FHA, VA, Conventional, and USDA loans. Questions about IHFA/HOME program? Lender should contact IHFA representative below.
When helping the buyer think about borrowing capacity and pre-approval, these estimates may be helpful:
Taxes: Tax Assessment will be based on sale price of improvments only less homeowner exemption
PMI: $0 - The Loan to Appraised value should turn out 80% -- the subsidy held by the CLT serves as the downpayment
Ground Lease: $75/mo (Payable to MAHT for lease of lot where home sits)
Lenders, As soon as your buyer has a signed P/S contract, please contact IHFA (below) for guidance on their process and invitation to access an online workspace. IHFA must approve buyer's qualifications for the HOME program.
ALSO, this guidance from Fannie Mae may be helpful to the appraiser, if they are new to thinking about Community Land Trust appraising.
Your HOME program contact is
Single Family Federal Programs Coordinator
Idaho Housing and Finance Association
565 W. Myrtle St., Boise, ID 83702
208.331.4819 | KimberlyD@ihfa.org
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.