A mortgage within reach. That concept is indeed possible through one of the many down-payment assistance programs in Idaho.
Families or individuals in need of a leg up can look at these programs for guidance and financial assistance.
Funds for these programs are awarded to qualified organizations in your area and are made available to those who've completed a homeownership education program. Both the education and financial assistance bring future homeowners within reach of their dreams.
Here are five down-payment assistance programs in Idaho that offer a range of benefits.
Did you know that more than 80,000 Idaho families have used federally insured loans to purchase their home in just the last decade? You, too, can take advantage of these effective FHA loans.
In order to qualify for an FHA loan, here are some to the factors to keep in mind:
- As a borrower, you must meet certain FHA credit criteria.
- As a borrower, you are eligible to finance nearly 97 percent of your home, but you must also account for upfront mortgage insurance premiums and other annual fees.
- The property must be one-to-four unit structures.
FHA loans are not just for first-time homebuyers. The programs also branch out to other areas that will improve your family's quality of life. For instance, some families may qualify for a rehabilitation and repair loan, or FHA's energy-efficient mortgage. In addition, empty nesters may decide on a reverse mortgage.
FHA loans have worked for some 80,000 residents – are you next?
The Blaine County Housing Authority, a public organization, is committed to families with ties to the county.
Future homeowners will find a wealth of resources on the organization's website. It's the authority's goal to provide various methods and resources that lead to affordable housing.
While you'll find a number of helpful resources, such as listings, counseling, mortgage guides and calculators, members of the public may also apply for its Community Housing program.
If you want to apply, here are some things to keep in mind:
- Applicants must be a full-time employee working within the county. Retirees are also eligible.
- Applicants must meet certain income levels.
- Take a "Finally Home!" class, which is an introductory guide to the steps you must take before purchasing a home.
- Complete the applications.
- Keep your information up to date.
So, if you live in the county and you're thinking about taking that next big step toward homeownership, be sure to take advantage of the many resources made available on bcoha.org.
The city of Boise offers families of low to moderate income an incredible opportunity to purchase an affordable home with its homeownership loan programs.
The city will assist families with up to 25 percent of the purchase price to purchase a home, including manufactured homes, as long as it's within the city limits.
In order to qualify, applicants must meet income guidelines, as determined by the U.S. Department of Housing and Urban Development.
In addition to the loan program, the city of Boise also helps future homeowners with grants, which can lighten the burdens of paying the costs associated with buying a home.
Idaho Housing and Finance Association offers an array of programs to future homeowners.
Whether you're thinking of obtaining a conventional, rural development, FHA or VA loan, the association works with families looking for a unique loan to fit their needs.
In addition to a wide menu of options, Idaho Housing also offers down payment assistance to qualified buyers.
These offerings can significantly reduce the amount of on-hand cash families need to move into the home of their dreams. Borrowers may qualify for the "Good Credit Rewards," or the HOME Down Payment Closing Cost (DPCC) Assistance program.
Be sure to review the many other programs, resources, and tools made available by Idaho Housing.
Ready to dive into homeownership with an FHA or VA loan? Here are some options.
FHA home loans are insured by the Federal Housing Administration (FHA), allowing banks to issue loans without much risk. That works in your favor because these loans feature lower requirements when compared to conventional loans. For instance, applicants can provide a smaller down payment. The requirements for credit scores and income are also set at a lower threshold.
VA loans through Premier Mortgage Resources work in a similar manner. Like FHA loans, they are also federally backed and are open to Veterans and their families.
The loans feature additional services that will help Veterans from defaulting on their loan.
To learn more about any of these programs, please visit Premier Mortgage Resources.