IHFA follows FHA/VA/FNMA/FHLMC guidelines

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1 BORROWERS Refer to checklists on Lender Connection / Allregs for document disclosure requirements revised June 2015 Must be a resident of Idaho Must occupy the financed property within 30 days of closing 250 miles max commute distance Must have acceptable credit & employment history provide 2 yrs federal tax returns Non U.S. citizens must provide copy of satisfactory valid INS card Calculation of household income Count only the borrower's income toward limits for Advantage Program Count household income for the First Loan & when requesting Tax Credit/ MCC Count the borrower's income + non purchasing spouse income (if applicable) toward limits for Preferred program Refer to income limits on rate sheets Sole and separate "Separated" legally or geographically borrowers not allowed (non borrowing spouse) Acceptable for FHA/VA/Conventional Always provide full VOE for all borrowers as well as 2 mos bank statements, Non occupant coborrowers 30 days paystubs & 2 years W 2s and 2 yrs tax returns (3 for First Loan & MCC) At least one occupying borrower must be employed or have an acceptable source of ongoing income VA & RD do not allow non occupant coborrowers Govt loans to also comply w/respective agency guidelines The occupant borrower's DTI may not exceed 51% Overall combined DTI, with all occupant and non occupant borrower debts, not to exceed 41% Minimum mid credit scores of 660 or higher on FHA and 680 or higher on conventional loans for all borrowers Minimum mid credit score req. for all borrowers on manufactured housing is 680 LTV for conventional loans with a non occupant co borrower must be 90% or less Approve/Eligible AUS is required Only occupant borrower(s) income is counted towards IHFA income limits CREDIT Scores Approve/Eligible is acceptable w/dti not to exceed 49.9% (or lower per loan program). IHFA cannot accept any loans that receive Refer with Caution 620 minimum middle credit score Requires AUS approval Foreclosures & short sales IHFA follows FHA/VA/FNMA/FHLMC guidelines PROPERTY Collections,judgments,tax liens & delinquent child support Property types Both have waiting period & follow foreclosure waiting period as req. by FNMA and FHA Verification of date of sale required Follow AUS findings, as well as agency guidelines. Must be current or paid and released. If short sale or foreclosure on previous IHFA loan, must be pre approved by IHFA Single family dwellings, primary residences only (refer to rate sheets for sales price limits) Manufactured housing, townhomes, PUD, and warrantable condominiums Idaho Housing does not allow secondary living units. Anytime you have two kitchens in one household, that is considered a secondary living unit Site value limited to 35% of total; max acreage Business use of home limited to 15%; outbuildings 15% Unfinished area above grade limited to 20% Length of ownership IHFA follows FHA/VA/Fannie Mae guidelines 90 day waiting period starts the date title taken

2 MANUFACTURED HOUSING Multi width (no single wides) Minimum credit score 680(conventional), 620 FHA/VA/RD Maximum DTI 45% (real property on a Automated underwriting approval required code as manufactured housing HUD approved Permanently affixed to a concrete foundation foundation, with Constructed after Moved from the factory to the present location, placed on concrete foundation & taxed wheels & axles as real estate removed, HUD plates Rate/Term & Streamline are available per FHA/VA/FNMA guidelines still attached) Engineer's certification required verifying that foundation meets HUD standards Altered structures, attached garages, room additions typically make unit ineligible. If alterations meet code & FHA/VA/RD/FNMA criteria, then IHFA will consider; engineer cert may be necessary Need copy of fully executed, recorded Intent to Declare Manufactured Housing as Real Property Eligible for IHFA FHA/VA/RD loans or if conventional the manufactured housing rate outlined on the IHFA rate sheet at Good Credit Rewards 2nds are available for VA/FHA/RD/Conventional as long as CLTV does not exceed 100% (98.5% on conventional & with MI approval) FHA/VA/RD Must conform to all FHA/VA/RD & Advantage & First Loan criteria for manufactured housing, LTV's and underwriting Conventional Must conform to all FNMA & FHLMC criteria Minimum credit score 680 for all borrowers Maximum combined LTV is 80% higher with PMI approval APPRAISALS Broker appraisals are to be ordered through an approved AMC see idahohousing.com/homeloans/lenders/brokers/approved AMC Must include site value All appraisals must meet AIR requirements All health & safety items must be corrected for all loan programs power and water systems to be on and in good working order MCC TAX CREDIT Must be first time homebuyer in non targeted counties Use in conjunction with Advantage and Preferred loan programs only Financial need not a factor $300 loan fee from borrower or seller Income tax credit of up to 50% or a max of $2000, of mortgage interest paid each year for 30 yrs as long as property owner occupied Borrowers should consult their tax professional for individual tax benefits Provide Borrower Affidavit, Seller Affidavit, & Recapture Summary/Reimbursement/Notice forms May be requested within 30 days of closing Need most recent 3 years' federal tax returns if non targeted county Income projection 12 mos from date of app count household income (all members 18 and over) Answer "yes" to the tax credit question when making the loan reservation Borrower receives a Mortgage Credit Certificate after closing along with instruction on filing the form with their federal tax return, utilizing the IRS form 8396

3 LOAN PRODUCTS All Must be an Idaho resident Definition: must occupy subject property within 30 days of closing & commute no more than 250 miles Good credit & employment history No minimum loan amount Lowest credit score 620 except as otherwise stated for loan program Must meet income limits HBE required for Preferred program (1 borrower) and for all seconds (both borrowers) when score is below 720 Advantage Loans Purchase or refinance (NO sales price limits) No first time homebuyer requirement Must occupy property for the first 12 months Eligible for MCC credit For AUS Advantage 97% can be run as MCM or regular Minimum middle credit score of 620 for all borrowers First Loan Products purchases only FHA/VA/RD loans only (no conventional) Single family dwellings, townhomes, manufactured homes or warrantable condominiums Must occupy property for 12 mos after closing MCC cannot be attached to this loan product Subject to sales price & income limits (household income included for income limits to include occupants 18 years and older) Cannot have had an interest in a primary residence within 36 mo. of closing, except if purchasing in targeted counties does not apply to non occupant coborrowers Spouse's income must be verified and included in the total household income analysis. Non borrowing spouse to provide 3 years federal tax returns. Recapture tax Recapture reimbursement provision applies for loans closed on or after *Borrower Affidavit & Recapture Summary/Reimbursement are to be signed and notarized before underwriting. *Submit Seller Affidavit & Recapture Notice on or before closing Borrowers and non purchasing spouse are required to sign Borrower Affidavit. Calculate recapture tax by lesser of 3 approaches 1. date of sale 2. half of gain 3. income and family size 3 years federal tax returns required (check Schedules A &E for mortgage interest check front page for address) unless in targeted county Gift from IHFA (First Loans only) For borrowers who qualify under First Loan program, a down payment assistance gift is offered for loans locked at a higher rate than the par rate First Loan Plus 1 includes a 1% gift for down payment assistance First Loan Plus 2 includes a 2% gift for down payment assistance A second mortgage w/30yr term can be added for the remainder of down payment assistance needed up to a total of 3.5%. This includes the gift + the second mortgage, but excludes borrowers' required contribution of.5% of own funds Include copy of gift letter in file Gift cannot be used for closing costs and prepaids A gift letter will be sent to the lender at the time the First loan is locked if one of the higher rates is used. Letter will describe the amount of down payment assistance that is gifted per the interest rate selected. FICO 680+, 1% added to First Loan second mortgage rate. FICO , 2% added to First Loan second mortgage rate. FHA 203K LOANS Purchases only; not just for 1st time homebuyers Limited Only No self help; no sweat equity

4 Must have Accept/Eligible findings Minimum middle credit score of 620 for all borrowers No manufactured homes For FHA Guidelines, refer to HUD Handbook & ML & ML HFA PREFERRED LOAN PRODUCTS Single family dwellings, warrantable condos & townhomes no manufactured homes No first time homebuyer requirement At least one borrower must complete Finally Home HBE class for 1st time homebuyers No sales price limits No loan level pricing adjustments No minimum borrower contribution Borrowers cannot retain other real estate after closing Sole & separate transactions may be allowed but cannot be used as a means of meeting program guidelines / no non occupant borrowers For purchase transactions & rate/term refinances MCC available Rate/term refi limited to 2% or $2000 cash back 97% LTV maximum 660 minimum middle credit score w/aus approval 45% maximum DTI (higher w/aus approval) Follow AUS findings (must reflect Approve Eligible) for credit score & MI requirements Purchases may be coupled with IHFA DPA or Good Credit Second for 105% CLTV.5%(of sales price)minimum borrower contribution w/ihfa downpayment gift programs Manual underwriting acceptable UW must confirm loan meets all manual UW & Preferred program criteria refer to manual UW matrix below AUS must reflect Approve/Eligible HFA Preferred Low MI DU to contain SFC 358 (HFA Preferred ) no minimum LTV HFA Preferred Risk No MI DU to contain SFC 820 (HFA Preferred Risk Sharing) 80.01% minimum LTV MANUAL UNDERWRITING MATRIX Preferred Risk Programs only CLTV max = 95% Max DTI 36% with credit score of 680 and no reserves Max DTI 36% with credit score of 660 and 6 mos. reserves Max DTI 45% with credit score of 700 and no reserves Max DTI 45% with credit score of 680 and 2 mos. reserves Manual underwriting is acceptable UW must confirm loan meets all manual underwriting and Preferred program criteria Reserves cannot be gifted

5 FHA STREAMLINE/RD PILOT/VA IRRRL Refer to checklists on Lender Connection / Allregs for document disclosure requirements revised June 2015 Current loan does not have to be an IHFA loan Single family dwellings, townhomes, condos & manufactured housing Eligible for Advantage program only. Premium pricing available to cover closing costs and prepaids Minimum middle credit score is 620 Manuf. Housing requires minimum mid credit score of 680. Refer to Manuf. Hsg section of matrix For loans already in IHFA portfolio verify income & credit in accordance with FHA/VA/RD requirements For loans not currently serviced in the IHFA portfolio three file merge credit report & full income documentation is required as borrowers must meet Advantage loan limits USDA RD income limits apply on all RD streamlines With or without an appraisal For manufactured homes, refer to manufactured housing section of matrix HARP 2.0 For Fannie Mae DU Refi Plus and FHLMC Open Access Original note date must have been sold prior to HARP can only be used once Borrower cannot have been more than 30 days late in last 12 months and on time for the last six months on loan being refinanced 620 Credit score minimum Credit reports required for all HARP's If current monthly mortgage insurance is being paid by lender, loan is not eligible Currently serviced by IHFA Can do manufactured home refi's under HARP only if in IHFA portfolio & AUS approved LP findings with HVE are acceptable HARP fee waiver form to be signed by borrower(s) prior to closing AUS findings that give property waiver are acceptable Special Feature Code 807 required Fannie Mae charges fee for property waiver IHFA will pay fee Required documentation per AUS mimimum of verbal verification & one month's pay stubs. Appraisal or AVM can be utilized to verify the mimimum 80% LTV requirement To transfer mortgage insurance, with the borrower's loan info; request confirmation loan was sold to FNMA or FHLMC, request a copy of the mortgage insurance certificate. Transfer of MI to be approved by PMI company. Not currently serviced by IHFA Obtain pmi company name & certificate # from AUS. Lender to apply with the existing mortgage company to have the mortgage insurance transferred to the new loan. This must be completed prior to closing & should be completed before underwriting. If current monthly mortgage insurance is being paid by lender, loan is not eligible Income limits apply. Full verification of employment required (VOE's, paystubs, W 2s, 2 years federal tax returns, and YTD P&L for self employed, verbal VOE prior to close) Required documentation income limits apply. Full verification of employment required (VOE's, paystubs, W 2s, 2 years federal tax returns, and YTD P&L for self employed, verbal VOE prior to closing NSP Neighborhood Stabilization Need based acquisition subsidy Program Max. DTI 43% Income restrictions apply

6 HBE required Minimum borrower contribution of $500 DOWN PAYMENT ASSISTANCE Good Credit Reward Seconds 10 year loan product / purchase transactions when combined with Advantage loan Total CLTV for 1st & 2nd mortgages=100% Minimum credit score of 700 Maximum amount of GCR is 3.5% or $8000, whichever is less, not to exceed 100% combined LTV or the max approved by mortgage insurance guidelines Requires.5% borrower contribution based on sales price These seconds require separate GFE and TIL and then a separate final TIL and HUD1 Closing Statement Borrowers cannot have the greater of three months PITI payments in liquid assets (ckg and svgs)or $5000 after closing ($10,000 for borrowers 62 & over) Interest rate 2% higher than IHFA's standard note rate. Finally Home! HBE required for all borrowers when mid credit score My First Loan Plus 30 year amortization 3.5% max Income limits apply for the First Loan program See Good Credit Second product criteria FICO of 680+, add 1% to second mortgage rate FICO , add 2% to second mortgage rate HBE required for less than 720 credit score FICO less than 620 not eligible $5,000 maximum reserves after closing; $10,000 for borrowers over 62.5% minimum borrower contribution Advantage FHA/VA/RD DPA gift available up to 4% for FHA/VA/RD & up to 3% for Preferred Risk Lo MI + Conventional Advantage No repayment; no prepayment penalty 620 minimum middle credit score Manufactured housing OK Assistance can also be used for closing costs Income limits apply Good Credit Second only available at 0 points w/specific income limits minimum borrower contribution.5% minimum borrower contribution with DPA second mortgages & gifts.5%(of sales price)minimum borrower contribution w/ihfa downpayment gift programs $500 minimum borrower contribution on NSP grant program Minimum borrower contributions must be from borrowers' own funds HOME FUNDS purchases only Deferred loan, Due on sale, 0% interest, No monthly repayment Must occupy home as principal residence through period of affordability Minimum of $1000 with a maximum of 3.5% of purchase price not to exceed $8000

7 1st lien required to be held by IHFA or USDA RD Household income not to exceed 80% AMI No first time homebuyer requirements, unless required by first mortgage Borrower cannot currently own or be on title for any other land, property, or residence Finally Home! HBE required prior to requesting loan reservation Property values to meet FHA/HUD 203b limits Voluntary Sales Disclosures (HOME DPCC HMGP 05) Mandatory seller document must be signed by seller, on same date as purchase offer. Submit loan packages and conditions to: Funds will be wired directly to the title company Lender to allow 72 hours min. for HUD to process wire, after it has been ordered Requires AUS rating of Approve/Eligible $500 minimum borrower contribution (gift ok) Requires satisfactory home inspection, unless newly constructed homes with a Certificate of Occupancy issued within last 90 days All construction inspections completed by local housing authority to be provided with the Certificate of Occupancy Based on borrower's need & income qualifications Non retirement liquid assets cannot exceed equivalency of 3 months PITI or $5000 which is greater. (Borrower(s) 62 years or older up to $10,000) Ratios & credit score must meet the 1st lien guidelines, with AUS approval (buy back liability exists if 1st mortgage not purchased by IHFA or USDA RD) Properties must be vacant or owner occupied, no rental units or tenant occupied properties can be purchased. Does not require separate disclosures, HUD1, or title insurance. Upon approval, HOME dept. provides necessary closing documents & closing instructions for this subsidy assistance directly to title company LEAD BASED PAINT (pre 1978) Pre 1978 homes subject to all Lead Based Paint requirements Lead based paint waiver to be signed with purchase agreement Provide buyer with EPA pamphlet Disclose to buyer presence of any known lead based paint Most sales contracts include this waiver check to make sure what's in file includes it Permit buyer 10 days to conduct risk assessment

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