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Today’s Rates for First Time Homebuyers in Idaho

Wednesday, June 19, 2024

Mortgage rates are at 3.00% for the 30 year fixed loan program and at 2.56% for the 15 year fixed. As for variable rates, the 5/1 ARM rate currently stands at 4.56%. Check out FHA and VA rates as well if you are doing low or no down payments.

Idaho First Time Home Buyer Checklist

  1. Consider your mortgage program options. If you're moving to a USDA eligible area, you may qualify for a no down payment loan. Military members may be eligible for VA loans, which also do not require cash down.
  2. Fetch your credit score. Your credit should sit somewhere above 600, but some lenders including subprime lenders accept scores in the 500s. If your credit score needs more strength, work it out before you apply for a mortgage. Every year, you're able to request one free credit report from the credit bureaus.
  3. Shop interest rates from different lenders in your part of Idaho. Choose one who not only provides a great offer, but carries a high rating from the Better Business Bureau.
  4. Get pre-approved. Once you've picked a lender, provide income documentation with your last two pay stubs and tax returns from the past two years. 
  5. Determine a budget. You could be pre-approved for a loan amount that is bigger than you had anticipated, but do not base affordability on the sum provided. Do not get giddy and base your affordability on the pre-approval estimate - only you know what you can truly afford.
  6. Search for homes. While you're home shopping, avoid making extravagant purchases, taking out new installment loans, or anything else that could weaken your financial standing. Lenders will check your accounts again before finalizing your loan.  

Low Down Payment Loans Through FHA

If you’re a first time home buyer without a lot to put down, an Idaho FHA loan may accommodate you. FHA loans are backed by the government and designed to help home buyers with limited upfront funds receive financing.

  • Down payment: 3.5%
  • Minimum acceptable credit score: 580 (varies)
  • Mortgage insurance: Upfront (1.75% loan amount) and monthly
  • Property guidelines apply and are verified via home inspection

You can find additional information about FHA loans on the Idaho page of the FHA website.

No Down Payment Loans Through USDA

The United States Department of Agriculture backs home loans for zero down to Idaho home buyers looking to move to or live in rural areas. Find out if your buying city is eligible by searching the USDA's property map. Note that popular areas like Boise, Idaho Falls, and Pocatello are not eligible. 

  • Down payment: None required; financing up to 102% available depending on home appraisal
  • Minimum acceptable credit score: 620
  • Mortgage insurance: Upfront (2% loan amount) and monthly
  • Income maximums apply 

Idaho Grant and Assistance Programs

Affordable interest rate, 30 year mortgages are available via grants to low income Idaho residents through the Idaho Housing and Finance Association. The HOME housing program in particular was created to provide housing to low income families, whether through construction of new homes or the rehabilitation of distressed properties. Single and multi-family units are available. Down payment and closing cost assistance is also available through the facilitation of a second loan. Find out more about your HOME eligibility

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user suit Lenders in: Idaho.

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