Home Financing in Idaho

Owning your own home is the American dream, but the process of determining how to go about purchasing a home can be stressful.  Buying a home is a major investment, and home financing in Idaho might be a bit intimidating, especially, if you happen to be a first time buyer.

You’ll have questions about how much you can afford.  Next, you are faced with how to go about purchasing the home.  However, there are several sources to help you get through the process with less frustration, hassle, and angst.

The Idaho Partners for Homebuyers Education, Inc., is a 501(c)(3) created by IHFA (Idaho Housing and Financing Association) in conjunction with several other organizations statewide.  This non-profit organization provides a wealth of information and assistance to home buyers.

Education for Home Buyers – IHFA provides an educational program called Finally Home!.  This program addresses many of the issues that arise, and helps to answer some of the questions ofhomeownership that potential homebuyers are faced with.  The topics offered in this program include all the steps homebuyers must take when investing in their new home, including how to qualify for the loan, the types of mortgages, how to choose a realtor, how to make an offer, and what is included in closing costs.

Individuals who complete the Finally Home! course may be eligible for downpayment and closing cost assistance, and access to loan programs that accept higher debt ratios.

Home Loan Programs – IHFA offers a variety of loan programs and you may be able to work with them to obtain below market rate loans.

Help for Renters – Some companies, like IHFA, offer assistance especially to those interested in purchasing their first home or anyone who is presently renting but would like to purchase their home, anyone who is homeless or in danger of becoming homeless or those who are having difficulty paying their rent or their utilities or their mortgage payment.

Counseling for Home Buyers – Counselors at IHFA assist with identifying resources and matching the appropriate solutions to housing problems through providing information or education on homeownership.  They can arbitrate between the lender and the homeowner on the homeowner’s behalf.  They develop financial plans, financial tools, and budgets to restructure the homeowner’s cashflow.  They assist in finding the right kind of loans to fit the homeowner’s needs and assisting them with the application process for housing assistance.  Additionally, IHFA offers down payment assistance.

One of the resources offered is called the federal HOME Program which is a block grant funding source made through HUD.  It encourages partnerships between government entities, housing developers, and non-profit services agencies like IHFA to provide a good supply of safe, clean, and affordable housing.  This is accomplished through low down payments and/or assistance with closing costs in order to help with home financing in Idaho.

Through the HOME Program and others like it, many people are finding that home financing in Idaho is turning their American dream into a reality.

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