Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials...
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![Page 1: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/1.jpg)
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
![Page 2: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/2.jpg)
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
![Page 3: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/3.jpg)
Loan Production
![Page 4: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/4.jpg)
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
![Page 5: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/5.jpg)
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
![Page 6: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/6.jpg)
Loan Funding Evolution
![Page 7: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/7.jpg)
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
![Page 8: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/8.jpg)
Aligning Commitments with Secondary Market Sales
Secondary Market Report
Forward Sale Tracking Report
“Trued Up” each day
![Page 9: Managing New & Diverse Single Family Programs HFA INSTITUTE 2015 Single Family Financing Essentials – Part 2 Susan Semba, Vice President Homeownership.](https://reader035.fdocuments.in/reader035/viewer/2022062519/5697bffb1a28abf838cc0e60/html5/thumbnails/9.jpg)
www.idahohousing.com