Effective immediately, a limited allocation of HOME dollars are available and tied to a special loan program through Idaho Housing and Finance Association (and Waterstone Mortgage) with a rate of 5.98% offered until January 1, 2010.
Idaho Housing and Finance Association program specific details:
- Qualified borrowers will receive a 5.98% interest rate on the first mortgage loan
- Then pair this with a no interest, due on sale loan for up to $20,000 based on the borrower’s income level and need
- Reserve the funds as soon as the loan application has been taken and it is determined the borrower meets the program guidelines, within 80% of area median income and the borrower is a first time homebuyer. This will begin the qualification process of the buyers for the loan
- In some circumstances, due to borrower’s need, it may be possible to combine HOME Down Payment Assistance and Closing Cost Assistance with the 1st Time Homebuyer Tax Credit Down Payment Assistance. If needed, the tax credit second could be used to buy down the interest rate or for other approved closing costs
- All loans must be closed and delivered to IHFA by January 1, 2010
Top reasons to work with Waterstone Mortgage – Prime Equity Group on these transactions.
- Waterstone Mortgage is a delegated underwriter for Idaho Housing, our current underwriting turn times are 48 hours!
- We keep the HVCC appraisal process in-house, allowing us to work with our list of the very best appraisers in town.
- As a $1.9 Billion depository bank-backed mortgage lender, we maintain complete control over the entire lending process: processing, underwriting, doc drawing and funding are all managed in-house.
- Our Purchase Fast-track program, gives all purchase transactions front-of-the-line priority.
This is a very exciting opportunity for our Idaho First-time Home Buyers.
(Waterstone Mortgage – Prime Equity Group)
idahomortgage
