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Idaho Housing And Finance Association First Loan Program

The Idaho Housing and Finance Association (IHFA) has a lot of financing options for first time home buyers. One of the most popular first time home buyer loans is the first loan program. The definition of a first-time home buyer is any person not owning a home within the past three years.

home with checklistIt is an exciting time to be an Idaho first-time home buyer. IHFA has a few different loan programs and options for getting into your new home with little to no money out of your pocket. Luckily for you we have access to Idaho Housing and Finance Associations loan programs. Below are some of the benefits and details for the Down Payment & Closing Cost Assistance that IHFA offers.

Benefits of Idaho Housing Loans

– Low Mortgage Rates
– Down Payment And Closing Cost Assistance
– Low Or No Mortgage Insurance
– Homebuyer Education And Free Housing Counseling
– Income Limits Do Apply

Idaho Housing And Finance First Loan Plus Down Payment Assistance

The Idaho Housing Finance Association (IHFA) offers a suite of affordable home loan products, down payment and closing cost assistance, and specialized programs for Idaho residents. These programs are designed to help eligible borrowers purchase or refinance homes with flexible guidelines and additional support for Idaho’s community heroes.

General HFA Standard Affordable Housing Guidelines

  • Maximum Income: $170,000 for all counties (exceptions may apply for specialized loans).
  • Maximum DTI, Minimum Credit Score, Insurance Deductible: As established by agency (Fannie Mae/Freddie Mac/FHA/VA/USDA) guidelines.
  • Homebuyer Education: Finally Home!® Homebuyer education is required for loans using IHFA down payment assistance or as agency guidelines dictate. Only one certificate per loan is required.
  • Additional Requirements: May apply to the First Loan program; see product description for details.

Down Payment & Closing Cost Assistance (DPCC) Programs

Standard Second Mortgage

  • Eligible Transactions: Purchase only.
  • Terms: 15-year fixed-rate loan.
  • Interest Rate: First mortgage rate + 2.00%.
  • Maximum Amount: 7% of the lesser of sales price or appraised value.
  • Homebuyer Education: Required (Finally Home!®).
  • Borrower Contribution: At least 0.5% of purchase price from borrower’s own funds.
  • Documents: Available on the Lender Connection portal.

When it comes to Idaho Housing Home Loans there are a lot of options available. Feel free to give us a call and we can answer any questions that you may have. At Diversified Mortgage Group in Boise, Idaho we take great pride in offering a wide range of mortgage products and we look forward to sharing them with you on your path to homeownership.

*Please visit our Disclosures page for more details for all loan types

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