Need a low interest rate loan to purchase that first home? The Idaho Housing and Finance Association provides both to first time home buyers.
The Idaho Housing and Finance Association (IHFA) is a financial organization - not associated with the State of Idaho - that provides affordable housing options in the areas of Idaho where it is most needed.
IHFA is a self-supported corporation which generates revenues by earning fees for work performed, not through any state appropriations. It raises millions of dollars through the capital markets and through partnerships with lending institutions throughout the state. These dollars are then used to provide affordable housing. IHFA is an agent of the U.S. Department of Housing and Urban Development.
One of the opportunities that they provide is to first time home buyers. Through a local approved lender, a buyer can qualify for an IHFA loan with a lower interest rate. In addition, IHFA provides grant money up to $3,000. for down payment or closing costs. To qualify for the grant money:
1. The borrower must be a resident of Idaho, must intend to occupy and does, in fact, occupy the financed property as his/her principal residence within 14 days after closing.
2. The borrower must have an acceptable credit and employment history.
3. Eligibility is contingent on completion of the Finally Home! Home Buyer Education program.
4. The borrower cannot have been a home owner at any time during the last three years.
5. To qualify for down payment assistance, the borrower must not exceed 80% Area Median Income limits.
The Finally Home! Home Buyer Education program is a class that provides the first time home buyer with information about the home buying process from qualifying for a loan to choosing a Realtor. The classes are offered at locations throughout the state and on-line for a small fee.
For more information about this program, call (208) 866-5590 or email me.