Mortgage Rates for Today

Idaho Assistance Programs

Escape the ordinary and embrace the beauty of Idaho. Explore majestic mountains, pristine lakes, and wide-open spaces. Idaho offers a relaxed lifestyle, a strong sense of community, and a thriving outdoor recreation scene. Secure your Idaho dream home with a competitive mortgage rate.

If you have any questions about securing the best mortgage rates in Idaho, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Idaho first-time homebuyer loan programs

Idaho's first-time home buyer programs provide a wide array of lending alternatives for first-time homeowners looking to purchase properties throughout the Gem State. Their offerings include conventional loans, FHA loans, VA loans, and USDA loans catering to everything from compact single-family cottages to manufactured homes.

To be deemed eligible, applicants' annual earnings must be below $150,000, and credit ratings of at least 620 are anticipated. One's debt-to-income percentage should also remain under 50% to access these affordable choices.

HFA Advantage and HFA Preferred Loans

Freddie Mac HFA Advantage and Fannie Mae HFA Preferred loans lets interested homebuyers apply for a loan with as little as a 3% down payment via Idaho Housing. Various choices exist according to income levels:

  • 50% AMI HFA Advantage: It is ideal for debtors earning less than half of the local median income (AMI). One percent of the loan principal is given as a gift to cover closing fees or help with the down payment. Additionally, it comes with lower mortgage insurance.
  • 80% AMI HFA Advantage: This program is for borrowers making less than 80% of the AMI. A gift of 0.5 percent of the loan principal is included. This can be used in conjunction with other Idaho down payment assistance programs and also features reduced mortgage insurance.
  • HFA Advantage Above 80% AMI: This program is offered to borrowers earning more than 80% of the annual median income.
  • HFA Preferred 80% AMI: Offered to borrowers making less than 80% of the AMI. Has lower mortgage insurance and can be paired with other Idaho down payment assistance programs.
  • HFA Preferred Above 80% AMI: for borrowers earning more than 80% of the annual median income.

You don’t need to be a first-time homebuyer to qualify for the HFA Advantage or HFA Preferred programs. However, if you're getting an HFA Advantage loan with 50% or 80% AMI, or an HFA Preferred loan with 80% AMI, you must complete a homebuyer education course. For HFA Advantage or HFA Preferred loans over 80% AMI, you'll only need the course if you're a first-time buyer or using down payment assistance.

Also, HFA Advantage loans don’t cover manufactured homes, but HFA Preferred loans do.

Idaho Housing First Loan

This program offers a helping hand to first-time home buyers in Idaho and repeat home buyers in targeted territories in the form of FHA, VA, USDA loans. Income and maximum purchase price points apply. If you are applying for USDA or FHA loans and combining the mortgage with down payment assistance in Idaho, finishing a homebuying education class may be essential. Those of you getting a VA loan need not to take this course.

Idaho Housing Idaho Heroes Loan

This plan provides low mortgage rates in Idaho to numerous professionals, such as veterans, the military, educators, firefighters, doctors, nurses, retail workers, legal professionals, and paramedics. It includes the choice for a second mortgage up to seven percent of the purchase amount, with no minimum credit score requirement. Additionally, you need not to be essentially a first-time home buyer in Idaho.

Idaho down payment assistance

Idaho Housing Second Mortgage

With a fixed interest rate of 7% and a fifteen-year payback period, this Idaho down payment assistance can provide up to 10 percent of the funds necessary for purchasing a home. To be deemed eligible, one must complete a homebuyer education course, possess a credit score of at least 620, and contribute no less than half a percent of the purchase price using one's own funds.

Idaho Housing Forgivable Loan

This 10-year down payment assistance in Idaho covers the utmost sum, equaling 3% of the cost of procuring your home. Gradually, the borrowed funds are forgiven for ten years and entirely pardoned after a full ten years have passed. Provided your initial mortgage meets selected qualifications (first mortgage should be a First Loan, an HFA Advantage 80% or 50% AMI loan or a Idaho Heroes Loan), you can combine it with the Second Mortgage Assistance Program.

To be eligible for this program, complete the homebuyer education course and pay at least 0.5% of your money to purchase your dream home.

Other Idaho Homebuyer Programs

The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)

Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.

Mortgage Credit Certificate

The Mortgage Credit Certificate program, available in many states including Idaho, assists first-time buyers through an innovative approach. Qualified individuals may claim a federal tax credit equal to up to 35% of their annual mortgage interest payments, with a cap of $2,000 per year.

The MCC can be used in tandem with:

  • Idaho First Loans- only FHA or USDA loans
  • HFA Advantage loans for 50% AMI, 80% and Over 80% AMI
  • the HFA Preferred loans 80% & Over 80% AMI
  • Idaho Heroes loans

Home$tart Assistance

Down payment hurdles can be high, yet Home$tart aims to ease that burden through different forms of aid. Approved applicants meeting income limits may qualify for up to $15,000 down payment assistance in Idaho, with half provided as a forgivable loan.

Eligibility criteria includes:

  • Must fulfil income requirements
  • The lender must be a part of Home$tart program
  • Applicant must take a homebuyer education course
  • Applicant must live in the home as a primary residence for a minimum of 5 years period. If they do so, they need not to repay the loan.

Homeownership Opportunity Program (HOP)

People exploring the option of owning a home in Boise, Idaho could look to the Homeownership Opportunity Program for a potential leg up. Those with incomes from 50-80% of the area median income, as set annually, are eligible to apply. Closing costs or down payments may be fully or partially covered through such Idaho first-time home buyer programs.

FHA Loans

For those seeking affordable home mortgage rates Idaho in purchasing their first home, FHA loans provide an affordable option with requirements such as a moderate down payment of 3.5% of the purchase price. Applicants need only demonstrate a fair credit history with a minimum score in the range of 580 to be deemed eligible by the lender.

VA Loans

Meanwhile, veterans who have honorably served our country can obtain VA loans featuring unprecedented benefits, including freedom from down payment obligations and flexibility in credit assessments.

USDA Loans

Borrowers seeking rural property have a comparable alternative under USDA loans, which parallel VA loans in exempting the necessity of a down payment. Prospective owners need only exhibit responsible fiscal behavior reflected by a credit report depicting a score at or above 640 to gain sanction from USDA-approved financiers.

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