Idaho First Time Home Buyer Loans

If you’re a first time home buyer in Idaho, you’re making a valuable decision.  Idaho is one of the best states in which to purchase a first home.  But if you’re not familiar with the home purchase process, finding a loan to pay for your home can be difficult.  Let us help you with this.

Idaho First Time Home Buyer Information

We’ve put together a highly thorough first time home buyer checklist that will help you understand the mortgage loan process.  The five primary steps are listed below.  Each of these steps is built upon knowing the information you need to know in order to succeed.

• Know what size loan you can afford and what size loan you need.  These are the most important things to understand.  Make sure you know these facts before you start searching for a home or contacting lenders.
• Know what the different mortgage types are and what purposes they serve.  You can choose from among many different available mortgage loan programs.  One of the best for first time home buyers is the FHA mortgage.
• Know your credit score.  If you have bad credit, you shouldn’t try to take out a loan.  You’ll either get denied or you’ll end up with high interest, which will hurt you in the long run.  Build up your credit before you decide to take on a loan.
• Know the different mortgages rates offered by lenders in your area.  Did you know that five different lenders in the same city may offer five different mortgage rates?  Make sure you’ve done some research to find the best rates before you apply for a loan.
• Know that your lender will give you the loan.  In other words, get approval for the funding before you try to purchase your home.  This part of the process is called preapproval.

If you make sure you know these five things, you’ll be ready to purchase your home.  Additional steps are outlined in our checklist, which is linked above.

Check out our mortgage calculator, too, for help determining what your monthly payments will look like.

1st Time Home Buyer Loan Programs

The most popular and effective first time home buyer loan program is the Idaho FHA loan program, which is administered by the Federal Housing Administration and is designed to help homebuyers who don’t have many resources at their disposal purchase homes.

Through the FHA, you won’t have to make a down payment of more than 3.5% of the home price.  You don’t need to have a high credit score or high income.  These loans are intended to help homebuyers like you succeed.

Check the Idaho FHA loan limits in your area and contact a local lender to get started.  For more information, refer to the Idaho page of the FHA website.

About Idaho

Idaho, as mentioned above, is a good state in which to own a home.  Property values are comparatively low, which allows many new homebuyers to enter the marketplace.  The natural beauty of the area is renowned.

The homeownership rate in Idaho is 72.4% and the median home price is $106,300. Not bad for a state that got its name from a prank!  Senator George Willing claimed originally that the name Idaho was an Indian word for 'the sun comes over the mountains' or 'gem of the mountains,' but later admitted he had completely made the name up.

Popular loan programs

Lenders in: Idaho.