SINGLE-FAMILY ACTIVITIES IHFA reserves the right t wrk with eligible applicants t design the prgram that is cnsistent with the husing strategies and resurce investment as identified in Idah s Five-Year Strategic Plan fr Affrdable Husing and Cmmunity Develpment prgrams. IHFA reserves the right t publish interim NOFAs r RFPs t allcate HOME funds as apprpriate, t best meet the husing needs in a specific regin and/r t ensure the annual HOME Entitlement, in its entirety, is cmmitted in a timely manner, t eligible activities. At its discretin, IHFA may fllw an Open NOFA prcess fr Single-family activities. Prject spnsrs may request a waiver r deviatin frm current single-family activities thrugh the applicatin prcess. A waiver request must adequately explain the prject s advantages ver the current activities as defined in the Administrative Plan. Dwn-payment/Clsing Cst Assistance Hmebuyer Prperties Activity (spnsred by IHFA-qualified nn-prfits nly). See Hmebuyer Prperties Activity in this sectin HOME 2 nd Lien - Dwn Payment/Clsing Csts Assistance (DPCC) Prgram Incme Targeting One Hundred Percent (100%) f HOME funds must be used t assist families whse dcumented annual husehld incme is at r belw 80% f the Area Median Incme (AMI). As defined in 24 CFR 5.609, Idah Husing and Finance Assciatin uses the Part 5 Annual Incme, frmerly knwn as Sectin 8 definitin f annual (grss) incme as guide t determining incme eligibility. Refer t Technical Guide fr Determining Incme and Allwances fr the HOME Prgram. All HOME 2 nd liens will accept the apprval f the first lien using IHFA guidelines as required thrugh the IdaMrtgage.cm. Brrwer cannt currently wn r be n title fr any ther land, prperty, r residence. Principal Residency Requirement Owner(s) wn and reside in the Prperty fr the term f the lan, as the principal place f residence and make all payments due n lans secured by prir lien r liens n the Prperty Eligible frms f Assistance HOME 2 nd lien - Dwn Payment and Clsing Cst Assistance (standard and reasnable sft csts fr clsing nt including reserves and certain prepays). See the Hmebuyer Prperties Activity sectin f this chapter fr infrmatin regarding eligible frms f assistance. Subsidy Limits Standard dwn-payment/clsing cst assistance f a minimum HOME investment f $1000.00 up t a maximum f 3.5% f the purchase price, nt t exceed $8000.00 (based n need and incme eligibility).this prduct requires the Brrwer t use a first lien frm Ida Mrtgage.cm r USDA-RD first lien. Maximum amunt f HOME funds n a per-unit basis in affrdable husing may nt exceed the per-unit dllar limitatins established under sectin 221(d) (3) (ii) f the Natinal Husing Act (12 U.S.C.
17151(d) (3) (ii) fr elevatr-type prjects that apply t the area in which the husing is lcated (Refrm Act f 1989 and HOME 92.250). Minimum HOME Investment: The minimum nly relates t the HOME funds, and nt t any ther funds that might be used fr the prject. Eligible Prperty Types Single-family unit A tw-fur family unit Cndminium unit Manufactured Husing-Idah law allws manufactured hme park cmmunity current residents t purchase an wnership share f real prperty t accumulate necessary equity fr the acquisitin frm the current wner. Prperty Standards At ccupancy, the unit must meet Lcal prperty cde/standards. If n lcal standards/cdes exist, than prperty standard defaults t IHFA (Sectin 8) Husing Quality Standards (HQS). A full Independent 3rd party Hme Inspectin is required prir t clsing. IHFA will review the inspectin reprt in accrdance with Sectin 8 Husing Quality Standards fr cmpliance. Manufactured Husing Must cmply with applicable state and lcal laws and cdes as stated abve with the fllwing additinal requirements: Subsidy Layering Must be cnnected t permanent utility hk-ups Attached t a permanent fundatin as apprved by HUD Lcated n land that is wned by the manufactured husing unit wner, r n land fr which the manufactured husing unit wner has a lease fr a perid at least equal t the applicable Perid f Affrdability (Building HOME 2009; 5-11) Must cmply with manufacturer s written instructins fr installatin New Manufactured Husing must meet HOME Cnstructin and Safety Standards f 24 CFR Part 3280 Standard dwn-payment/clsing cst assistance f a minimum HOME investment f $1000.00 up t a maximum f 3.5% f the purchase price, nt t exceed $8000.00 (based n need and incme eligibility).this prduct requires the Brrwer t use a first lien frm Ida Mrtgage.cm r USDA-RD first lien. Based in a full Appraisal by a Idah State Certified Appraiser Occupancy Mnitring Onging mnitring will include an annual verificatin that the hmebuyer(s) ccupies the prperty as the primary dwelling, thrughut the affrdability perid.
Minimum Dcumentatin Required at Submissin All HOME 2 nd liens will accept the apprval f the first lien using IHFA guidelines as required thrugh the IdaMrtgage.cm. r USDA-RD first lien prgram. Brrwer cannt currently wn r be n title fr any ther land, prperty, r residence. Lan Apprval fr the first lien, by IHFA r an eligible IHFA Lender/Brker/Spnsr Apprve/Eligible is required evidence by an Autmated Underwriting Apprval HOME 2 nd lien frms: #01-Dcument Cnditins List #02-Beneficiary/Prperty Infrmatin #03- Brrwer s Affidavit & Lender/Brker/Spnsr Certificatin #04- Surces & Uses f Funds #05- URA/Vluntary Sale Disclsure. (Cmpleted and signed by the Seller, n the same date they sign the Purchase Offer. 49 CFR 24.101(b)(2)(i)) #05a-Sellers Acknwledgement Receipt f Appraisal #06- Wire Transfer Authrizatin Signed and accepted Purchase & Sales Agreement If a Pre-1978 Targeted Hme, the fllwing Lead Based Paint minimum requirements must be submitted (additinal dcumentatin may be required): Frm 07-Pre-1978 Targeted Hme-Lead Based Paint Disclsure frm, cmpleted and signed by bth the Brrwer(s) and Seller(s) Dcument Brrwer(s) have received the pamphlet Prtect Yur Family Frm Lead In Yur Hme. (Prvide IHFA with a signed cpy f the disclsure that shws the Pamphlet was prvided.) Visual Assessment by -HUD trained Visual Assessr (and prvide a cpy f their certificate). Reservatin (lck in) f the first lien under Ida Mrtgage.cm. Certificate f Cmpletin frm the Finally Hme! hmebuyer educatin curse Lan applicatin Credit Reprt All Emplyment and incme surces dcumented Depsit accunts dcumented Minimum Hmebuyer Eligibility Requirements Lw-incme qualified Brrwer(s) must be eighteen (18) years r lder Brrwer(s) must be US Citizen, r a Permanent Resident Alien, and/r a Nn-permanent Resident alien with prf f permanent residency status, eligibility, and evidence t wrk in the United States Valid Scial Security Card Must have demnstrated need f a minimum $1000.00 in HOME funds
Hmebuyer Incme Limits: (24 CFR 92.203 & 24 CFR 5.609) Part 5 Annual Incme 24 CFR 5.609, Annual incme is the grss amunt f incme f all adult husehld members that is anticipated t be received during the cming twelve-mnth perid. Ttal grss husehld incme must nt exceed 80% f the Area Median Incme (AMI) based n HUD estimates f median incme based n husehld size and prperty lcatin. (Exhibit A HOME Admin Plan) Hmebuyer Educatin At least ne f the brrwers t be listed n the nte is required t cmplete the Hmebuyer Educatin class Finally Hme * prir t the submissin f the lan applicatin t the Lender/Brker/Spnsr. First lien lender s requirements fr hmebuyer educatin by prduct will take precedence. Verificatin f Certificate f Cmpletin by riginating Lender/Brker/Spnsr, prir t apprval fr the primary lan is required. *Nte: HUD apprved Pre and Pst cunseling prgrams are recmmended fr all first time hmebuyers. Assets Limits Liquid assets, excluding restricted retirement accunts including emplyer-cntrlled retirement accunts, IRA Accunts, SEP Accunts, 401K, 403B, and 457 deferred cmpensatin plans, remaining after clsing; the equivalency f three mnths PITI nt t exceed $5,000. Fr the Elderly (62 years ld r lder), nn-retirement liquid cash assets cannt exceed $10,000. Buyer(s) Investment The brrwer must make a minimum investment f at least $500.00. The cntributin must be verifiable and may cme frm a fully dcumented gift Primary Lans Lan apprval under standard lending prgrams (FHA, VA, CONVENTIONAL, USDA-RD), by an IHFA apprved Lender/Brker/Spnsr. Fixed-rate lan nly. Lan must be sld t IHFA (exceptin: USDA-RD Lan prducts). If the first lien is nt purchase by IHFA r USDA-RD fr any reasn, riginating lender will be required t repay the amunt f HOME funds frm IHFA Grant Prgrams Department. Prgrams Nt Allwed Private land sales cntracts, Adjustable rate mrtgages Prepayment penalties Ineligible Lan Types N refinances, ARM s, Interest-Only, r Hybrids N Cmb r Secnd (2nd) Mrtgages with variable interest rates Reservatin f HOME Funds Cpy f the 1 st lien s lck in btained thrugh IdaMrtgage.cm.
Eligible Activity Acquisitin nly Ineligible Csts, nt limited t: Pre-paid fees Reserves Repairs/Hme Warranties HOA dues r set-ups Irrigatin dues r set-ups Cllectins, Judgments Tax Liens Delinquent taxes, fees r charges n prperty Hmebuyer Educatin Fee(s) Eligible Hmebuyer Csts (24 CFR 92.206) Hard Csts Acquisitin f real prperty t include land and existing structure Sft Csts Clsing Csts-Standard and reasnable, as apprved by IHFA HOME Prgram Other csts incurred assciated with the acquisitin f the husing assisted with HOME funds as apprved by IHFA HOME Prgram HOME Lan terms Zer Percent (0%) Due n sale r in the event f regulatry nn-cmpliance HOME Investment subject t the Recapture prvisin as defined under the HOME Prgram (24 CFR 92.254(a) 5(ii). HOME funds will be recaptured at the time f sale, transfer f title, default, r refinance f the first mrtgage. Repayment Obligatin The HOME subsidy is due and payable, if nt paid earlier, upn any sale r transfer f wnership r title f Brrwer s hme lcated at (prperty address), r upn any event f default as defined herein. The payment shall be applied first t interest accrued n the then unpaid principal balance, at the rate f ZERO PERCENT (0%) per annum, and the balance theref shall be applied t the principal balance. Bth principal and interest shall be payable at the ffices f IHFA, at the address set frth abve, r such ther place as IHFA may designate in writing. Brrwer may prepay the principal utstanding hereunder, plus accrued interest theren, if any, in whle r in part at any time withut premium r penalty All principle and interest payments are hereby deferred until sale f prperty, an event f default ccurs, r transfer f prperty withut IHFA prir cnsent. If default ccurs hereunder, the entire principal sum and accrued interest shall immediately becme due and payable withut ntice, at the ptin f the hlder f the Nte. Failure t exercise this ptin shall nt cnstitute a waiver f the right t exercise the same in the event f any cntinuing r subsequent default. In the event f default in the payment f this Nte, and if same is submitted fr cllectin by IHFA, its successrs and assigns, the undersigned agree(s) t pay all csts f cllectin, including reasnable attrney s fees. IHFA Participating Areas f Jurisdictin (24 CFR 92.201)
State f Idah Eligible Prperty Types Single Family unit(1-4) Cndminium unit (Apprved HUD/FHA) Manufactured Hme (Must cmply with applicable state and lcal cdes; have permanent utility hk-ups; be n attached t a permanent fundatin, as apprved by HUD. Must wn the land r have a 99-year leasehld. Engineering Certificatin required n fundatin. The Manufactured Hme must als meet the Cnstructin and Safety Standards (24 CFR Part 3280). Cnstructin and safety standards pre-empt State and lcal cdes cvering the same aspects f perfrmance fr such husing. 24 CFR 92.251(a) (4) Cperative Husing (manufactured hme cmmunity resident acquisitin prgram): Fr current resident-wners seeking financing t help accumulate necessary equity t acquire the real prperty cmprising f their manufactured hme cmmunity, frm the current wner. Residentwners will frm a nn-prfit wnership entity, and purchase an individual wnership share with individual space identity fr their unit. Ineligible Prperties Rental Investment Prperties Secnd Hmes Current Occupancy Status f Prperty Must be vacant r wner-ccupied (by the Seller). N rental units r tenant ccupied prperties. Has nt been ccupied by anyne ther than the wner/seller in the past 90 days. HOME Prperty Value Limits See Exhibit E f this HOME Admin Plan Necessary Reviews/Reprts fr Prperties At the time applicatin is submitted: (URA) (24 CFR 92.355) (49 CFR24.101(b)(2)(i)) Cmpletin f the Unifrm Relcatin Assistance and Real Prperty Acquisitin Vluntary Sales Disclsure Frm (Exhibit C Frm #3) must be cmpleted and signed by all parties prir t r at the time the Purchase Offer is made. N Exceptins. Lead Based Paint Requirements - Pre-1978 hmes subject t all Lead-Based Paint requirements, which include but are nt limited t: Frm #07-Pre-1978 Targeted Hme-Lead Based Paint, cmpleted and signed by bth the Brrwer(s) and Seller(s) Dcument Brrwer(s) have received and signed the pamphlet Prtect Yur Family frm Lead In Yur Hme. Pamphlet t IHFA Visual Assessment by -HUD trained Visual Assessr (and prvide a cpy f their certificate).
Envirnmental Review: HUD 24 CFR 58.35(b) Determinatin f Categrical Exclusin must be cmpleted and apprved by IHFA at the time f receipt f hmebuyer s applicatin Prir t final apprval Idah Certified Appraisers/Appraisals: Unifrm Residential Appraisal Reprt (URAR). Appraisal Type: First lien requirement. Prperty cmplies t lcal prperty Cdes/Standards (Refer t Inspectins belw). If n lcal prperty standards exist, then default t HUD s Sectin 8 Husing Quality Standards (HQS). Lead Based Paint Requirement (24 CFR 92.355) Pre-1978 Hmes nly The EPA and HUD Lead Based Paint requirement must be met. Refer t Chapter six, (6) f the HOME Administratin Plan. Renvatin must be perfrmed by EPA-Certified Renvatin firm Lead Based Paint Disclsure Pamphlet ntice t buyers HUD Visual Assessment. Renvate Right Pamphlet ntice signed by seller (if applicable) Renvate Right Requirements, by EPA Certified Cmpany / Individual (if applicable) EPA Lead Based Paint Risk Assessment (if applicable) EPA Lead Based Paint Clearance (if applicable) Envirnmental Review (24 CFR 92.352) (24 CFR Part 58.35 b (5) The apprpriate level f Envirnmental clearance will be cmpleted and apprved by IHFA prir t the release f HOME funds. HOME Inspectin Full Appraisal by a State Certified Appraiser A full Independent 3rd party Hme Inspectin. HQS certified IHFA staff will review the inspectin reprt in accrdance with HQS fr cmpliance. Additinal prperty cnditins may be required after review The fllwing reprts must als be cmpleted prir t apprval: Applicable Lead Based Paint (LBP) reprts/inspectins/assessment are required - see details listed ut abve (if applicable), Applicable Envirnmental Review(IHFA must cmplete) Sectin 8 Husing Quality Standards (HQS) see prperty standards listed ut abve Septic & Well (if applicable), Prfessinal Wd Stve, Fireplace insert (if applicable) Any inspectins required by the first mrtgage lan r as utlined in the EMA/Sales Agreement, Prf that the cnstructin was cmpleted accrding t all applicable building cdes, and, The lender/brker/spnsr has btained a Ntice f Occupancy frm the city/cunty, -see prperty standards listed ut abve Certificate f Occupancy with evidence f all inspectins made during cnstructin USDA Rural Develpment will prvide Inspectin Frm 1924A, if applicable.
Full Third Party Hme Inspectin by independent inspectr. see prperty standards listed in previus sectin. Other inspectins as a result f deficiencies reprted Engineering Certificatin n fundatins with manufactured hmes. Occupancy Requirements Brrwer(s) must bth wn and ccupy residence fr the term f the Perid f Affrdability and make any payments due n lans secured by pririty lies n the prperty. 92.254(a) (4). Brrwer cannt currently wn r be n title fr any ther land, prperty r residence. Ownership Purchaser must ccupy the hme within thirty (30) days f lan clsing. The buyer(s) will take wnership in fee simple title r maintain a minimum 99-year leasehld interest n an eligible prperty. Fr prperty held n trust r restricted Indian Lands, hmewnership includes a 50-lease ( see 24.CFR 92.2 hmewnership) Ownership Interest The prperty is subject nly t the restrictins n resale as required at 24 CFR 92.254(a); mrtgages, deed f trust, r ther liens r instruments securing debt n the prperty as apprved by the Participating Jurisdictin, (PJ); r any ther restrictins r encumbrances that d nt impair the gd and marketable nature f title t the wnership. The HOME due-n-sale lan must be listed n the Preliminary Title Reprt and n the Final Title Reprt as a recrded lien against the subject prperty. Cash Back at Clsing N Earnest Mney refunded Any prjected r prpsed refund f eligible clsing csts paid by the Brrwer prir t clsing, must be fully dcumented and must be reviewed and apprved prir t clsing by HOME Staff. Any apprved refund cannt exceed the minimum cash investment. Subrdinatin Perid Of Affrdability HOME Funds prvided n a per unit basis Minimum Affrdability Perid <$15,000 5 years $15,000-$40,000 10 years >$40,000 15 years If a Brrwer with a HOME 2 nd lien is planning t refinance their first lien, cntact with IHFA, Grant Prgrams Department prir t lan apprval is crucial. Allwed nly if the refinance is t lwer the brrwer s current interest rate r piti payment. The HOME 2 nd lien will nly be subrdinated if the purpse f the refinance is slely t reduce the interest rate r payment n the first lien.
If the purpse f the refinance is debt cnslidatin payments f nn-mrtgage debts, and/r cash ut refinance, the HOME 2 nd lien will nt be subrdinated. Credit Scre Brrwer(s) must receive First Mrtgage apprval by IHFA, IHFA apprved Lender/Brker/Spnsr, r USDA-RD. (Buy-back liability fr the Lender / Brker / Spnsr, exists if 1 st mrtgage is nt purchased by IHFA r USDA-RD) Credit An acceptable cpy f the current Tri-merge credit reprt is required. Pay ff cllectins, judgments, liens and ther dergatry credit per Autmated Underwriting findings f the 1 st lien apprval. Bankruptcy and Freclsure t fllw 1 st lien guidelines (Buy-back liability fr the Lender / Brker / Spnsr, exists if 1 st mrtgage is nt purchased by IHFA r USDA-RD) Ratis Per 1 st lien guidelines (Buy-back liability fr the Lender / Brker / Spnsr, exists if 1 st mrtgage is nt purchased by IHFA r USDA-RD) Seller s Cntributin Per FHA / VA / Cnventinal / USDA-RD Guidelines. Seller-financed dwn payment prducts cannt be cmbined in a purchase transactin with DPCC. If any create a lien, see Primary Mrtgage Amunts and CLTV. Cmbined Lan T Value (CLTV) Match LTV / CLTV f 1 st lien prduct Impunds As required per 1 st lien guidelines. First Mrtgage Must be a fixed rate, nn-sub prime mrtgage purchased by IHFA r issued by USDA-RD (Buy-back liability fr the Lender / Brker / Spnsr, exists if 1 st mrtgage is nt purchased by IHFA r USDA-RD) r ther secnd mrtgage lan prgrams unless apprved by the IHFA prir t lan cmmitment. Occupancy Recnciliatin Assets Limits Onging mnitring f ccupancy recnciliatin will include annual verificatin that the hmebuyer(s) ccupies the prperty thrugh the HOME Perid f Affrdability Assets Limits Liquid assets, excluding restricted retirement accunts including emplyer-cntrlled retirement accunts, IRA Accunts, SEP Accunts, 401K, 403B, and 457 deferred cmpensatin plans, remaining after clsing; the equivalency f three mnths PITI nt t exceed $5,000. Fr the Elderly (62 years ld r lder), nn-retirement liquid cash assets cannt exceed $10,000.
Liquid assets, excluding restricted retirement accunts including emplyer-cntrlled retirement accunts, IRA Accunts, SEP Accunts, 401K, 403B, and 457 deferred cmpensatin plans, remaining after clsing; the equivalency f three mnths PITI nt t exceed $5,000. Fr the Elderly (62 years ld r lder), nn-retirement liquid cash assets cannt exceed $10,000.