The Idaho Housing and Finance Association (IHFA) primarily assists homebuyers by offering which of the following?
Correct Answer
B) First-time buyer mortgage loans, down payment assistance, and mortgage credit certificates
The Idaho Housing and Finance Association (IHFA) is a self-supporting public corporation that provides affordable financing options for Idaho residents. Its programs include first-time homebuyer mortgage loans at competitive rates, down payment and closing cost assistance, and mortgage credit certificates (MCCs) that provide a federal tax credit to eligible buyers. IHFA does not issue real estate licenses, conduct appraisals, or set lender interest rates.
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Related Topics & Key Terms
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Key Terms:
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The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
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Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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