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Additional Targeted Area Census Tracts
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The Internal Revenue Service published Revenue Procedure 2014-9 in the Internal Revenue Bulletin on January 6, 2014, which adds new Targeted Areas to the Iowa Finance Authority's First Home and Take Credit! programs. Targeted Areas are associated with higher income and purchase price limits, which expands the number of households and properties eligible for affordable homeownership programs in these areas. In addition, the requirement of being a first-time home buyer is waived for borrowers purchasing in a Targeted Area.
The new Targeted Areas are effective immediately.
FirstHome program applications dated on or after January 6, 2014, will be subject to the new Targeted Area designations.
A list of the Targeted Areas is available here. |
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The Iowa Finance Authority has entered into a new Servicing Agreement with the Idaho Housing and Finance Association. The previous servicing contract with US Bank ended as of December 31, 2013; however, all loans already in the pipeline as of that date will continue to be purchased and serviced by US Bank under the terms of their contract. The final purchase date for loans in the IFA/US Bank pipeline is March 31, 2014.
All lenders wishing to reserve funds after January 1, 2014, must submit a new lender packet and Mortgage Origination Agreement, which are available on the Iowa Finance Authority web site. Lenders must submit a complete sign-up packet, even if they were previously approved as a Participating Lender. Please direct any inquiries regarding the sign-up process to lender.inquiry@iowa.gov.
Training Opportunities
A series of webinar trainings are scheduled to provide lenders an orientation to IFA's home buyer programs and the new servicer's loan delivery policies and procedures. Please register for a training using the links below. Please note that space is limited so reserve your spot now or options may be limited closer to the scheduled sessions.
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2014 Take Credit!
Mortgage Credit Certificate Program
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The Iowa Finance Authority (IFA) Board of Directors today approved the new Take Credit! Mortgage Credit Certificate program guidelines. The Iowa Finance Authority will be releasing the program details mid-January. Please watch for further details coming soon!
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