So You Want to Buy a Home in Idaho?

The worldwide web is a terrific resource for finding great Idaho mortgage quotes! And talk about easy. Just a few clicks, a couple of application questions answered, and you'll know who is offering the best rates for your goals in home buying.

But bear in mind that not all mortgage lenders are created equal. Some are particular hard on new homebuyers. When you're new to the ins and outs, the system and all of its steps and hurdles can be a very confusing place. Some lenders and mortgage companies will gladly walk you through the process. Others will gladly take you by the hand and lead you down the primrose path. A very different thing, to be sure!

What Is the Idaho Housing and Finance Association?

Fortunately for Idaho residents and those who would become Idahoans, there is Idaho Housing and Finance Association (IHFA). Formerly know as the Idaho Housing Agency until 1996, this state agency, according to their mission statement, was formed "to expand Idaho's affordable housing opportunities." One of only fifteen state housing agencies nationwide, the IHFA has done a significant job of keeping homes in Idaho affordable and accessible.

Through the years, the IHFA has helped would-be homeowners purchase 55,000 houses. They offer a number of Idaho mortgage options for those who qualify:

  • IdaMortgage Loan Program
    While the IdaMortgage Loan is aimed at helping first time homebuyers of modest means, it also can be used under certain circumstances to refinance a current Idaho mortgage. Some of this programs numerous variations are outlined in the section below. But what is most exciting for those seeking Idaho mortgage quotes, is that in all its permutations the IdaMortgage Loan program offers low interest rates to those who qualify, as well as 30- and 40-year fixed rate options. And despite its emphasis on first time buyers, this isn't a requirement, and there is no limit on the cost of a home!
  • IdaMortgage First Loan Program
    As the name suggests, this option from the IHFA is for first timers to homebuying. It offers low everything, from APR to fees, and a 30-year term. For this program, a first time buyer is someone who hasn't owned a home in 3 years. Additionally, if you are looking for a home in what they call a "targeted area, " you don't even have to be a first timer!
  • Good Credit Rewards Down Payment Second Mortgage Program
    The name's quite a mouth full, and it should sound good too for those with FICO scores over 700. This program allows those who qualify to borrow 100% of the purchase price of a home with a thirty-year note that is no more than 3.5% to 5%. Those who qualify would have to attend homebuyer education course.
  • The Home Down Payment Assistance Grant Program
    If you are among those with an income that is below 80% of Idaho's median household income, then you might qualify for up to $20,000 for the down payment on a home. One stipulation is that you must also be able to qualify for an Idaho mortgage.

And the good news is that most of these programs can be used for conventional loans sourced outside of the IFHA. So, go ahead and apply for an Idaho mortgage quote. Then check with the IFHA and see what they can do to help.

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