FirstHome Application Process
A lender using IFA FirstHome funds offers borrowers a fixed rate mortgage at a low interest rate.
- IFA and Countrywide Home Loans, the IFA master servicer and program administrator, must approve lenders originating FirstHome loans.
- Lenders may use FirstHome funds with conventional or government mortgage products. Examples of these include Fannie Mae MyCommunityMortgage®, FHA or VA and USDA RHS loans.
- Underwriting requirements generally default to the stricter of IFA or loan product guidelines.
- Borrowers must meet income and purchase price eligibility requirements in Targeted and Non-targeted Areas, based on HUD Area Median Family Income set by IFA.
- Lenders must register a FirstHome loan at the Countrywide Platinum Web site in order to reserve funds and lock in the interest rate.
- Manufactured housing may be government or conventional standard mortgage financing. The conventional standard fees for manufactured housing secured mortgages will include all relevant Fannie Mae fees.
- Because of Fannie Mae LLPA changes for standard conventional product, IFA has modified how Participating Lenders obtain LLPA for standard product. Please contact Irene Hardisty to obtain standard conventional LLPA. Remember that most home buyers with conventional mortgages above 80 percent LTV will have better execution, meaning lower house payments and all-in costs, with MyCommunityMortgage®/HomePossible® mortgage insurance coverage.
- If you need to proceed with rate protection, please register as MyCommunityMortgage®/HomePossible® then IFA or Countrywide Home Loans will modify to standard conventional.
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