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  • One of the key goals of federal and local authorities for Idaho is to stimulate the housing industry by helping people buy new homes. If you live in Idaho and need mortgage assistance, check the resources below. You could find the mortgage assistance program you need.

    Federal Housing Association

    The Federal Housing Association, the FHA, has provided over 80,000 Idaho households with the mortgage they need to buy a new home. FHA mortgages are not only there to buy homes. You can also use them to finance the necessary repairs and improvements to your home and increase its energy efficiency. If you are over 62 you can also qualify for an FHA reverse mortgage, which can allow you to have your cake and eat it by giving you access to the equity in your home without having to move or sell it.

    Community Action Partnership

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    A specially endearing mortgage assistance program is provided by Eastern Idaho’s Community Action Partnership. The program allows households in a community to pool their time and resources to build each others homes. There is no need for down payments and mortgage payments vary depending on your income. A typical mortgage payment under the program ranges from $450 to $750 a month, which is often less than what the households previously paid in rent. Household members must contribute 65 percent of the labor needed to build the homes. This helps keep costs down and gives households an immediate equity gain of up to 25 percent of the home’s value.

    The Idaho Housing and Finance Association

    The Idaho Housing and Finance Association offer financial help to low income households looking to buy a home. Financial help includes long-term, low-interest mortgages and help with downpayment and closing costs. For instance, the Idaho Mortgage Finance Association offers 30-year mortgages with a fixed-rate interest as low as 4.75 percent. Qualifying low-income household can also apply for the Home Down Payment Closing Cost, which offers help with down payment and closing costs. Other households with incomes of up to 140 percent of the area’s median income can apply for a Good Credit Rewards Loan, which offers a flexible, low-interest second mortgage to help pay for down payment costs.

    Another Idaho mortgage help program you can apply for through the Idaho Housing and Finance Association is the Tax Credit 2nd Loan program. It provides households with up to 5 percent of the house’s sales price as a soft loan to pay for down payment costs. To qualify you must have a FICO credit score of 640 or more. First-time buyers can receive loans of up to $7,000 while others can apply for up to $6,000.

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