Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials...
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Transcript of Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials...
Managing New & Diverse Single Family Programs
HFA INSTITUTE 2015Single Family Financing Essentials – Part 2
Susan Semba, Vice President Homeownership Lending
Idaho Housing and Finance Association
Idaho Housing Facts Began transitioning from MRB Financing to
Alternative Secondary Market Channels in 2008 Large Geographic and
Diverse State 1.6 Million Population >70% Homeownership Whole Loan Preference “Best Execution” Strategy
Loan Production
Loan Variety
• Created a new program to reach the workforce in 2006 called the Advantage Program
• This was done through the Affinity Agreement with Fannie Mae using the cash window
• We continue to provide 2 programs, the First Loan program and the Advantage Program
Workforce Housing
• Workforce housing was not affordable in many areas including Boise and Northern Idaho.
• In 2009 we were approved by Freddie Mac as a seller/servicer and sold government loans to them through their cash window.
• In 2010 we were approved as a Ginnie Mae issuer
• 2010 was the last time we issued bonds
Loan Funding Evolution
Pricing by Loan Type*Loan Product Loan Rate Key Features
HFA Preferred 3.875% Lower Payment than FHA with current MIPMaximum income statewide $90K
Preferred Risk Share 4.50% No Mortgage Insurance –Income limit $90K
Advantage FHA/VA/RD 3.375% FICO > 620; $90K maximum income
First Loan Program (FHA/VA/RD only)
3.375% Includes a ½% premium1st Time Homebuyer Requirement, income and sales price limits apply
DPA second mortgages 2% higher than note rate
No 1st Time Homebuyer RequirementIncome limit $90K
*Down Payment Assistance Premium Pricing available
Homebuyer Tax Credit Programs (MCCs) available for Advantage program
Aligning Commitments with Secondary Market Sales
Secondary Market Report
Forward Sale Tracking Report
“Trued Up” each day
www.idahohousing.com