Here`s an overview of some of the requirements a potential buyer must meet: If Idaho Housing didn`t purchase the loan, Idaho Housing will withdraw our $100 on the transfer when we purchase the loan from the lender. If a borrower has already had a foreclosure with Idaho Housing, they will need permission from Idaho Housing to apply for a future loan with Idaho Housing. Please send an email from your borrower to firstname.lastname@example.org detailing why the seizure took place and what is being done to prevent foreclosure in the future. Our foreclosure department will then investigate how the borrower worked together during the foreclosure process. At the end of the research, it will be decided whether this borrower can apply for a future loan from Idaho Housing. To request that the MI be removed, borrowers should always contact HomeLoanServ. You can call 800-526-7145 or email email@example.com. The removal of the MI is checked on a case-by-case basis. To be eligible for a redesign, a loan must meet the following criteria: I forgot to add the MCC to my borrower`s (my borrower`s) loan, and their loan has already been closed, is there anything I can do? Eligibility for our home loan products is limited to households with incomes not exceeding $125,000 in all Idaho counties except Blaine County, which is $135,000. Before the lump sum payment, the borrower must send an email to firstname.lastname@example.org to confirm eligibility and initiate the process. If the “original value” is used, an LTV of 80% or less is required. This can still be used to evaluate the removal of the PMI when an LTV of 80% or less is reached and the borrower can prove that the original value is still present and that the borrowers have a good payment history.
We need proof (brokerage price reviews, market analysis, tax valuation, etc.) that the value of the property is currently at least equal to or greater than the initial value. The initial value is defined as the LOWER value of the estimated value or selling price at the time of the loan. Please email your renewal requests, including the blocked loan number idaho housing, to email@example.com. A maximum of three extensions of 15 days are allowed. Additional renewal applications will be reviewed on a case-by-case basis and may be subject to reassessment or additional fees. For extensions beyond 90 days, please contact the lock office at firstname.lastname@example.org. First of all, the loan must first and foremost be eligible. For example, there must be no default on the loan. If the “current value” is used, a new Broker Price Notice (BPO) is ordered from HomeLoanServ.
When using the “present value”, the decline in the PMI is generally not allowed for loans of less than 2 years. If the loan is between 2 and 5 years old, an LTV (Loan to Value) of 75% or less is required. If the loan is more than 5 years old, an LTV of 80% or less is required. Borrowers are not allowed to order their own BPO or expert opinion. A BPO or an assessment ordered by a borrower is not used to make the withdrawal of the MI. Upon request to remove the MI, HomeLoanServ will inform borrowers of the required amount of the OPL ($150) and where they can send a cash check that should include the borrower`s contact information. HomeLoanServ orders the BPO upon receipt of the fee and request from the borrower(s). The MCC/tax credit must always be added when a loan is blocked.
In the rare cases where it is not added when the loan is blocked, the MCC/tax credit can be added shortly after the loan ends, as long as borrowers are eligible for the MCC/tax credit. PMI can only be removed from traditional rental programs (Fannie Mae or Freddie Mac). Regarding the removal of MI on an FHA loan: The removal of MI on the majority of FHA loans is not allowed for the term of the loan. However, some older loans do not need it for the duration of the loan and some only need it for the first 11 years. Call HomeLoanServ or send an email as mentioned above for more information. Finally at home! HBE is also always required by any borrower with a credit score below 620, as well as at any time if your AUS results require HBE. In situations where there are two first-time home buyers, only one certificate is required. In any case, the lender must upload the 5 documents/disclosures required in the borrower`s file in Lender Connection as soon as possible as “terms of purchase (follow-up documents)” and inform Idaho Housing that the borrower is adding the MCC. There are several software applications at Idaho Housing where this information must be entered, otherwise the borrower will not receive their MCC certificate. This is very important.
The exception to this rule is if you use the first loan or MCC/tax credit. Since borrowers must be the first purchasers of these products (unless they are buying a home in a target county), 3 years of tax returns or transcripts with applicable schedules are required to demonstrate that borrowers have not claimed mortgage interest. First-time home buyers are defined as anyone who has not owned and lived in a principal residence in the past three years. To determine if borrowers are eligible for Idaho`s housing programs, follow the agency`s guidelines. A redesign will be considered on a case-by-case basis. A recast is not guaranteed and a request for a recast may be rejected. The lender must complete the required 5 documents/disclosures on behalf of the borrower and ask the borrower to sign the documents (borrowers should never complete their own MCC/tax credit document/disclosures). The following table of income limits shows borrowers` income limits and guidelines for selling prices by county. Our standard lock-up period is 45 days for existing and new buildings. Extensions can be applied at the time of the first lock or applied as needed. Lock extensions are valid for a period of 15 days at a time and are subject to the following cumulative fees charged to the lender at the time of purchase:. .