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Obama NewsMortgage Help
The Idaho Housing and Finance Association have worked with IdaMortgage .com for over 40 years to help people to buy their homes. The website has a lot to offer including Homebuyer Education, information about programs with excellent interest rates, help with down payment and closing costs and tax credits for property buyers.
You can apply for any of the loan products on offer. For example if you need help with down payment and closing costs then the DPCC (Down Payment Closing Cost Assistance Program) could be exactly what you need.
This loan is especially designed for first-time homebuyers whose income is under 80% of the average for the area. The loan is for at least $1,000 and can not be for more than $8,000. The borrower must pay out at least $500- and the house must have been owner occupied or vacant.
Before you apply for the loan you must complete the Education Program for Homebuyers called Finally Home! A very good start to an IdaMortgage Home Loan would be to go on line at IdaMortgage.com and answer the questions to find out if you are eligible. You could do the same thing by calling 1-866-432-4066. As soon as you are accepted as eligible you will be given a referral to a lender who participates in the program. You will then be able to go ahead and find your ideal property and with the IdaMortgage loan at a fixed low rate, for 30 years you can soon be enjoying the sensation of living in your own home.
There is a variety of programs available such as the Good Credits Rewards Loan. It is an arrangement whereby you can have a second loan or mortgage for as much as 3.5% of the value of your first mortgage which you can then use for your down payment and closing costs. It is a program designed for people whose income is below 140% of the average for the area. They must complete the Finally Home! Homebuyer Education Program and have a credit score of not less than 680.
The Advantage Loan Program is for 30 years and can be for a first-time homebuyer or not as this is not a requirement. The are income limits but there are no sales price limitations. You can use the loan for the purpose of buying your property or for refinancing and you could be entitled to as much as $2,000 tax credit each year.
Those who qualify for this loan would also be entitled to take out the USDA-RD Streamline Refinance Loan. This loan has no sales price limits but there are income limits as is the case with the Advantage Loan. This Streamline loan has the advantage that your present loan may be an IHFA loan or not as this is not a requirement.
The FHA 203(k) Streamline Rehabilitation Loan has been especially designed for those who need to make improvements to their property. This could be painting –new carpets or even new windows or roof. There are many other products available so you are invited to call or go on line to find the right program for you.
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