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