The new I-REFI program is designed to help homeowners who are current on their mortgage
payments but owe more than their home is worth due to declining property values in their community.
IHDA offers underwater homeowners up to $50,000 in federal assistance to reduce the balance owed on their mortgage and refinance into a new affordable loan based on the current market value of their home. Get started by contacting an I-Refi lender today.
Requirements:
- Current on your mortgage for at least 12 months
- Credit qualify for a new IHDA mortgage through a participating lender
- Be within IHDA’s income and home price limits
Credit score must be at or above 640
- 640 for Conventional, VA and USDA
- 660 for FHA
- 680 for Conventional HFA preferred ≥ 95.01% LTV
- Pre-assistance combined loan-to-value must be greater than 110%
- Post-assistance loan-to-value will be 90-97%
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