Finding a Lender
Buyers/Realtor: Locally, Banner Bank and HomeBridge Financial have worked with the Trust on previous home sales. Washington Federal (in Pullman) and Guild Mortgage have done CLT sales in other communites. MAHT is happy to speak with your preferred lender to help them understand CLT lending.
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. Banner Bank, HomeBridge Financial, Wells Fargo and Umpqua Bank are qualified to do this by IHFA. IHFA accepts FHA, VA, Conventional, and USDA loans. 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:
Taxes: Tax Assessment will be based on sale price of improvments only less homeowner exemption
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 lot where home sits)
Lender/Realtor: As soon as your buyer has a signed P/S contract, please contact MAHT regarding our construction loan and 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
Single Family Federal Programs Coordinator
Idaho Housing and Finance Association
565 W. Myrtle St., Boise, ID 83702
208.331.4819 | KimberlyD@ihfa.org