| About the IdaMortgage Loan Program
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We make home buying more affordable!
Low rates!
Down Payment Assistance Available!
Local Customer Service for Your Loan!
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4.25%*
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30-year fixed rate,subject to change. APR 4.37%*
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| Down Payment and Closing Cost Assistance Programs |
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Key Features |
HOME Down Payment Closing Cost (DPCC) Assistance Program
NEW! |
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Available for first-time homebuyers with a household income less than 80% of area median income.
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| - | Minimum of $1,000 with a maximum of 3% of the purchase price not to exceed $8,000, based on borrower's need, and the adjusted gross household area median income (AMI). |
| - | Borrower minimum investment of $500, with no cash out at closing. |
| - | Property must have been previously vacant or owner-occupied. |
| - | Finally Home!® Homebuyer Education program completion prior to applying for the assistance |
| Click here to learn more |
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| This loan offers a second mortgage for up to 3.5% of the first mortgage that can be used for down payment and closing costs. This is offered to: |
| - | Homebuyers with less than 140% of area median income |
| - | Graduates of Finally Home!® Homebuyer Education |
| - | Homebuyers with a credit score of at least 700 |
| Click here to learn more |
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| This loan will be offered to qualified homebuyers in the amount not to exceed 5% of the sales price, or a combined loan-to-value limited to 100%. This is offered to: |
| - | First-time homebuyers up to $7,000 |
| - | Graduates of Finally Home!® Homebuyer Education |
| - | Homebuyers who have a FICO score of no less than 640, and a total debt ratio of no more than 45% |
| - | Homebuyers who purchase a home by April, 30 2010 and must be closed by September 30, 2010 |
| - | Non first-time homebuyers - Up to $6,000 for qualified non first-time homebuyers that have lived in their home at least five years of the last eight years |
| Click here to learn more |
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Neighborhood Stabilization Homeownership Assistance Funds Program
Funding for this program has been expended and is not available at this time |
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| A limited allocation of NSP dollars is available for borrowers in Canyon County to purchase foreclosed homes. |
| - | Up to $40,000 or 20% whichever is less, based on the borrower's income level and need |
| - | Funds may be used for closing costs, interest write downs, and principal write downs |
| - | Home must be a foreclosure (no short sales) |
| - | IHFA REO properties are ineligible for purchase under the Neighborhood Stabilization Program |
| - | Borrower must complete the Finally Home!® Homebuyer Education course-classroom only |
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| IdaMortgage Loan Program |
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Key Features |
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Affordable Advantage Loan (30 Year)
NEW!
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| - | First-time homebuyer requirement applies (cannot have owned a home in the last three years) |
| - | Check the income limits chart for qualifications |
| - | No sales price limits |
| - | No private mortgage insurance required |
| - | Minimum borrower contribution is $1,000 |
| - | May qualify for new Homebuyer Tax Credit Program |
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| Loan Options |
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Key Features |
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| This is a home loan where a homebuyer may qualify for up to 95%; down payment assistance is available. |
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| Unlike some inflexible mortgage programs, the FHA mortgage is more attainable for people with minimal credit. |
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| This home loan enables eligible military veterans to buy a home with no down payment. |
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| This home loan is for homebuyers who would like to buy a home in a rural community with no down payment. |
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| *Certain restrictions apply. Programs are subject to change at any time. |
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Easy Steps to Securing a Home Loan
- Check your eligibility now by completing a few short questions online, or by calling an IdaMortgage representative at 1-866-432-4066 for more information about our programs.
- You may also visit with a local participating lending partner for information about our programs. Click here for a complete list of lending partners.
- Upon loan application approval, your lending partner will make a reservation to receive the mortgage funds, your loan will close, and you will move into your home.
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