April 5, 2018
Required IFA Documents for FirstHome/FirstHome Plus
The Iowa Finance Authority has consolidated and simplified the MRB forms required for the FirstHome and FirstHome Plus programs.

Changes:

  • MRB01 Affidavit of Purchaser
  • MRB 01 and 02 have been combined
  • Income and Purchase Price is no longer requested on the form
  • The current limits are now part of the document
  • Borrowers acknowledge current limits in effect on the date of the affidavit
  • IFA will no longer ask for signatures on tax returns with use of new form

  • MRB03 Affidavit of Seller
  • (c) removal of ground rents
  • (d) has been added stating any property taxes for periods prior to the settlement date that the Purchaser has agreed to pay

The revised MRB 01 and MRB 03 are available in Lender Online in the borrower record or Program Documents and on the Forms and Resources web page on the Iowa Finance Authority web site. 

You may begin use of the new forms immediately. We know it will take some time for implementation, therefore, we will continue to accept the previous versions as you make system adjustments.
NEW - FirstHome/FirstHome Plus
Recapture Notice
Previously, IFA would issue a MRB Recapture notice directly to the borrower(s) after the loan was purchased. This process often caused confusion with the new homeowner.

Effective immediately, this notice will now be issued to the lender, after the pre-close eligibility review, along with commitment form to be signed by the borrower(s) at closing.  

A copy of the signed recapture notice will also need to be submitted with your post-close submission through eDocs. By the borrower receiving this notice at the closing table is an effort to diminish any potential confusion.  

As always, we want the adoption and implementation of new forms to be as seamless as possible. Please contact your assigned single-family program specialist with any questions, 800-432-7230.
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