This article takes a look at the requirements and provides links to the homebuyer program for every city in Idaho.
Get Pre-Approved for a Mortgage and Check Rates
National First-Time Homebuyer Loans
- FHA Loans – FHA home loans are very popular with first-time homebuyers cause they require a 580 credit score with just a 3.5% down payment. Debt-to-income ratios up to 50% are allowed making them perfect for low-income borrowers.
- Conventional Loans – Conventional loans require a 620 credit score and a 5% to 20% down payment. If you put 20% or more down, mortgage insurance will not be required.
- USDA Loans – USDA mortgage loans are for low-to-median income borrowers buying a home located in a USDA-eligible rural area. They provide 100% financing with a 620 or higher credit score. Mortgage insurance is required but the rate is the lowest of any type of mortgage program available.
- VA Loans – Veterans of the U.S. military may be eligible for a VA home loan. No down payment or mortgage insurance is required and veterans with a 580 to 620 credit score are eligible.
- HomeReady and Home Possible Loans – Freddie Mac and Fannie Mae created the HomeReady and Home Possible loan programs for low-income first-time homebuyers whose income does not exceed 100% of the area median income requiring just a 3% down payment and a 620 credit score.
Get Pre-Approved for a Home Loan Today
Helpful Resources
- How to buy a house with no money down
- First-time homebuyer grants
- How to qualify as a first-time homebuyer
- Bad credit home loan programs
Idaho Housing first-time homebuyer programs
The Idaho Housing and Finance Association offers purchase and refinance loans through a network of approved lenders for first-time and repeat home buyers, as well as down payment and closing costs assistance. The association’s home buyer tax credit program is available statewide to first-time buyers and repeat buyers in specific counties. In Idaho, you’re considered a first-time buyer if you haven’t owned a primary residence in at least three years.
Idaho Housing highlights and eligibility requirements
HIGHLIGHTS
Offers competitive interest rates for purchase and refinance mortgages.
Down payment and closing cost assistance available.
Some loan programs have reduced mortgage insurance requirements.
Tax credit program is open to repeat homebuyers in targeted counties and first-time buyers in all counties.
ELIGIBILITY
- Meet income and purchase price limits in your county.
- Have a minimum credit score of 620 (this requirement is higher for some programs).
- Complete a home buyer education course. One of the partners in a couple must complete the course if both are first-time home buyers.
- Work with a lender approved by the Idaho Housing and Finance Association.
Other Programs by Area
- Blaine County Housing Authority
- City of Boise
- City of Nampa
- Community contacts – Check if your community offers HUD-assisted down payment or closing cost assistance
- Habitat for Humanity – Volunteers build and rehabilitate homes for disadvantaged families
- Idaho Housing and Finance Association
- Idaho Development and Housing Organization – Home Ownership Programs in Region three (Adams, Boise, Canyon, Elmore, Gem, Owyhee, Payette, Valley, and Washington Counties)
- NeighborWorks Boise
- NeighborWorks Pocatello
- North Idaho Housing Coalition – purchases foreclosed homes, renovates them, and sell below retail value
- Rural Development Programs and Services – homebuyer programs in rural areas
- Southeastern Idaho Community Action Agency
- Homeownership vouchers
