IHFA Announces Changes Taking Effect April 1, 2014

IHFA - Quick Reference Guide for LendersThe Idaho Housing and Finance Association (IHFA) recently sent out email communications announcing changes taking effect on April 1, 2014. Starting next month, The Advantage Loan down payment assistance program will allow for up to 5% of the sales price. The new pricing will apply to a variety of loan types, including FHA, VA and RD. To learn more about IHFA’s loan products and down payment assistance program qualifications, visit http://bit.ly/1i1UGDq.

The IHFA also announced that sales price and income limits will change for their First Loan, Tax Credit/MCC, and FHA loans with 2nd mortgages effective April 1, 2014. To view their updated chart, go to http://bit.ly/1gKwrNB.

Finally, the IHFA will raise their minimum middle credit score to 620 for new loan reservations received April 1, 2014 or later. This change will apply to conventional, FHA, VA and RD loans.

 

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