Idaho First Time Home Buying Programs And Down Payment Assistance

Are you a first time home buyer in Idaho? Do you have enough money for your down payment and closings costs? Have you ever wondered if you made enough money to qualify for a mortgage? These are all common questions when it comes to buying a home.

No matter your situation, if you are buying your first home and have little or no money for down payment you may be able to turn to the Idaho Housing and Finance Association to get the down payment assistance and mortgage program to make your dream of being a home owner a reality.

Are There First Time Home Buyer Programs In Idaho?

• IdaMortgage Advantage Loan Program - The Ida Mortgage Advantage Loan Program is designed for moderate to low income Idaho households. There are 30 year and 40 year fixed mortgage options. There is no first time home buyer requirement for this mortgage. There is also no sales price limitation. There may be income limit requirements, so make sure you check with your loan officer to check on your eligibility.
  
  This program can be used for either a refinance or purchase of a primary residence.



• IdaMortgage First Loan Program - The First Loan Mortgage Program offers low interest rates and low fees and a 30 year term. This loan program has a first time home buyer requirement, unless the home being purchased is located in a targeted area. A first time home buyer is someone that has not owned a home in the last three years.
  
  The First Loan Program can be used in conjunction with FHA, Conventional, VA and USDA Rural Development loans. If you are doing this loan at a 95% loan to value you may not use the Good Credit Rewards 2nd mortgage program (see section below for requirements of Good Credit Rewards program). If you are doing the 95% loan, the 5% down payment must be your own money.

Does Idaho Have Down Payment And Closing Cost Assistance Programs?

• Good Credit Rewards Down Payment Second Mortgage Program – This is a 30 year second mortgage program. The maximum loan is capped at 3.5% to 5% for First Loan program conventional mortgage loans. The maximum combined ltv or loan to value is 100%. To be eligible for this program your credit score must be over 700.
  
  The interest rate on the second mortgage is 1% higher than the first mortgage interest rate for those borrowers with a 720 or higher fico score. If your credit score is below 720, the interest rate will be 2% higher than the first mortgage interest rate.
  
  Homebuyer education courses are required to be eligible to receive this mortgage. You must contribute $500 of your own money. This is a traditional underwriting program so the payment of this second loan will be considered in your debt ratios.



• The Home Down Payment Assistance Grant Program – This Down Payment Grant Program is for home buyers whose household income is less than 80% of the median income. If you fit this requirement and qualify for a mortgage, then you may be able to receive up to $20,000 with this program.
  
  You must be a first time home buyer to be eligible. You must complete the Finally Home Homebuyer Education program before you can apply to receive this assistance. This is a 0% deferred interest loan. The period of the deferment can range from 5 – 10 years depending on the area that you live in. The property that you are purchasing must be a primary residence. No second home or investment property are not eligible for this program.

To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below: