IHFA's newest loan program, the Affordable Advantage Loan (offered through the IdaMortgage loan program) offers affordable loans to Idaho first-time homebuyers, with a $1,000 minimum homebuyer contribution. While many Idaho first-time homebuyers struggle to save thousands of dollars for a 5%, 10%, or 20% down payment on a home, the $1,000 minimum contribution is affordable for most buyers.

The Affordable Advantage Loan program offers a number of benefits, making it flexible for most first-time buyers' needs. No sales price limits apply, meaning buyers can purchase homes of any value without being disqualified from participating. Private mortgage insurance (PMI) isn't necessary under the Affordable Advantage Loan, which can have a big impact on a home buyer's monthly payment. Without the addition of PMI, many home buyers will save a few hundred dollars per month on their mortgage.

There are some income limits that apply to participating in the Affordable Advantage Loan program, however. Income limits vary from county to county in Idaho, so potential Idaho first-time homebuyers can check their eligibility by looking up income limits on IdaMortgage.com's chart.

Borrowers must also meet Idaho first-time homebuyer guidelines, meaning that they did not own a home during the past three years.

Another bonus of the program is that participants may also qualify for the Home Buyer Tax Credit Program, which offers a tax credit of up to 20% (maximum $2,000) of the mortage interest paid for the first ten years of the loan. A $500 fee applies to take advantage of the new tax credit program.

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The latest real estate reports are indicating that the housing market may have hit bottom – and it may even be beginning to rebound. The Case-Shiller index, the bearer of much bad news for the past three years, has reported that home prices might be on the rise again after several years of decline.

Overall, national prices were up for June by half a percent – not much, but far better than further decline. In 14 of the 20 major markets surveyed, prices were up for June. This is the first monthly gain reported by the Case-Shiller index in three years.

If you were waiting for housing prices to hit bottom before making an investment in Idaho real estate, you can’t afford to wait any longer. While mortgage rates still remain low to encourage spending, if the economy starts to rebound, it won’t be long before rates are again on the rise as well.

August is well underway, and your chance to cash in on the $8,000 tax credit is drawing to a close. Put simply, if you don’t act now, you’re going to miss out on what is arguably the most perfect opportunities to invest in real estate in history. Not only will you be the proud owner of your new home, you’ll be building equity and stability for your family’s future.

Get in touch with an approved Idaho lender to find out what lending options are available to you, and learn about the excellent programs offered by IHFA!

The $8,000 First Time Homebuyer Tax Credit available through the American Recovery and Reinvestment Act of 2009 is good for qualified first-time buyers who purchase a principal residence between January 1, 2009 and December 1, 2009 – which means time is quickly running out to take advantage of this incredible government incentive.

As the beginning of August rapidly approaches, potential first-time buyers are left with only four months to find their dream home in Idaho real estate. Closings are usually scheduled thirty days in advance, and unforeseen circumstances can cause additional delays. If you’re even considering making your move to become an Idaho home owner, the time to act is now.

Even with an abundance of Idaho real estate currently available, it may take time to locate the home of your dreams. Your agent will work proactively to show you available homes that meet your specifications, but you may need to look at several properties before finding “the one”.

Your first step is to contact an approved IHA lender who can help you determine the best lending opportunities for your unique situation. IHFA is offering several great programs right now, especially for first-time homebuyers, such as the ability to take out a Tax Credit 2^nd Loan to finance your down payment – which you’ll need to use your tax refund to pay off, but it’s a great way to get access to those needed funds now.

Call an approved Idaho lender today for a pre-qualification consultation to find out what you may be able to afford. That will help your agent start out on the right path, identifying homes within your budget that meet your needs.

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As part of the Making Home Affordable Program, the Obama Administration has implemented new incentives designed to help homeowners avoid foreclosure status. Short sales are actually more affordable to lenders than foreclosures, but this plan offers lenders an extra $1,000 for agreeing to accept the proceeds from a short sale as full satisfaction of the mortgage loan.

A short sale may not hurt a borrower’s credit as much as a foreclosure, so a short sale is often a better option for both the homeowner and the lender. The Making Home Affordable Program is also now offering $1,500 to homeowners who have sold their homes as a short sale to help with relocation costs.

This new government incentive program is especially helpful, because under these regulations, a lender must accept the proceeds as full payment. In some cases, a homeowner would need to make arrangements to satisfy the remainder of the mortgage after a short sale, but this program eliminates that condition.

Since current Idaho real estate conditions have left many homeowners in a situation in which they owe more on their mortgage than the current worth of their home, many homeowners will find a short sale to be the best option for getting out from under a mortgage they can’t pay while still avoiding foreclosure.

For those looking to purchase Idaho real estate, the number of short sales available is likely to be on the rise, so there’s a great possibility of getting a good deal on a home in Idaho right now. Contact an approved IHA lender to learn about the many affordable financing options that are currently available, and the best option for your individual needs.

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The current Idaho real estate market, and the U.S. real estate conditions in general, pose a grim outlook for those in the market to purchase a home but lacking funds for a down payment. The days of purchasing a home with a minimal down payment are over – or are they?

IHFA offers a 95% conventional mortgage program, which may make it possible for you to purchase a home with only a 5% down payment. This loan program isn’t able to be combined with the other great programs being offered by IHFA, like the Good Credit Rewards 2^nd Mortgage Program. The 5% down payment funds must come directly from the buyer.

Still, with declining home prices, a 5% down payment may not be that far out of reach, especially if you’ve been in the Idaho real estate market looking for your next dream home for some time now. You may have adequate funds already saved to meet the 5% requirement.

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This 95% Conventional loan is available through the First Loan program, so a first time homebuyer requirement may apply. Current Idaho mortgage rates are still low, and the rates for this particular loan are very attractive at between 4.5 and 5.5%, depending on the number of discount points you elect to purchase.

If 5% is still a bit too far out of reach for you, don’t worry. You’re not alone in today’s economic climate. There are other great financing options available for you, too, such as the Good Credit Rewards 2^nd Mortgage Program, that could enable you to purchase a new home with zero dollars out of pocket.

If you’re a first time buyer and need an Idaho mortgage but aren’t able to put 20% down, contact us today. We’ll put you in touch with an approved IHA lender who can help you determine if you qualify for these exceptional loan programs.

In the final week of June, mortgage applications decreased 18.9% from the week prior – refinance applications were down 30% and applications from those wanting to purchase a home were down 4.5%. Reports today indicate that applications for last week are up 10.9% from the week prior – immediately following a rate decrease.

Refinance applications were the primary rebound, back up 15.2% compared with the prior week, and applications from those wanting to purchase a home up 6.7%. The trend is obvious – lower rates are followed by an increase in mortgage applications. Because new mortgages further infuse the economy, the Federal Reserve will be making strong efforts to keep rates low.

The Idaho Housing and Finance Association has some exceptional opportunities to assist home buyers right now, but some of these perks will be going away at the end of the year. Government incentives offering tax credits are available through the end of the year.

Home prices could also be part of the problem for sluggish mortgage applications. The prospect of further decreasing home values may be scary for some buyers, especially those who aren’t certain they’ll be spending the next ten to twenty years in the same home, allowing the market plenty of time to stabilize and home prices to correct themselves. Home prices have been showing promising signs of stabilizing in the near future, so this may boost confidence in the coming weeks.

Idaho mortgage rates are still low, and the stabilization of the economy could mean rising rates in the near future. Take advantage of some of the great incentives available and start looking for a new Idaho home today!

It’s an unfortunate reality that difficult economic times bring about scam artists who try to prey on innocent people who are struggling. In the housing industry, there are hundreds of foreclosure scams claiming to rescue homeowners from foreclosure. Don’t fall for any of these schemes. If you’re in danger of foreclosure, contact an approved IHA lender today to find out options that could save you from foreclosure and help you maintain your credit.

Never trust an organization claiming foreclosure rescue if they’re not affiliated with an approved Idaho mortgage lender. Idaho mortgage specialists are well educated in the programs offered by the government to provide aid and relief to those facing foreclosure.

The Idaho Housing and Finance Association offers free counseling to homeowners and potential home buyers to help uncover solutions to avoid foreclosure and find the best financing options. Approved IHA lenders can help you understand your unique situation and develop a solution that works best for your particular needs.

A number of programs are available, through the government, to help homeowners retain their homes despite rising mortgage payments and declining home values. Don’t turn to questionable agencies claiming to offer you easy outs. An approved Idaho lender can counsel you on the options available, such as the Making Home Affordable program that offers loan modification and refinancing options to families struggling with their current mortgage terms.

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You may have noticed references to Homebuyer Education as a requirement to qualify for some of the IHA lending programs. And, like many homebuyers, you probably have questions and may be a little skeptical about what Homebuyer Education is and why you need it to qualify for an IHA loan program. You may even be a little skeptical, and think it’s not worth your time.

Finally Home!® is an education program created  by The Idaho Partners for Homebuyer Education, Inc., which is a non-profit organization created by IHFA in collaboration with other Idaho organizations. The program was designed specifically to help homebuyers address typical challenges and learn about the process of purchasing a home in Idaho.

Topics discussed include:

·         Qualifying for an Idaho mortgage

·         Choosing an agent

·         Making an offer

·         Understanding closing costs

Upon completion of the program, participants become eligible to take advantage of the assistance programs offered by IHA, including down payment and closing cost assistance, programs that accept borrowers with higher debt ratios, and using assistance funding at closing.

Classes are held throughout the state of Idaho and are also available online. Fees range from $10 for the in-person class to $50 for an online course. For more information, visit the following website: www.ihfa.org/FinallyHomeOnlineCourse.

As part of the American Recovery and Reinvestment Act of 2009, a federal income tax credit is available to first-time homebuyers in the amount of 10% of the purchase price, up to a limit of $8,000. This credit is available to first-time homebuyers who purchase a home prior to December 1, 2009. In order to help Idaho home buyers get the best use of their tax credit, IHA is offering a Tax Credit 2^nd Loan to qualified Idaho home buyers.

This loan is available in conjunction with an IdaMortgage loan, up to 5% of the purchase price, to a maximum of $7,000. The total borrowed amounts for the first and second mortgages cannot exceed 100% loan to value ratio. This loan is a short term loan and must be paid off with funds from the tax credit received by the home buyer. Therefore, this loan has a due date of July 1, 2010, and will accrue interest at a rate of 3.0% while in repayment status.

Another great program offered by IHA, this Tax Credit 2^nd Loan will help qualified first time Idaho home buyers make the best use of their coming tax credit by applying it to closing or down payment costs. If you’re an Idaho resident looking for your first home, call a qualified IHA lender to find out if you qualify for this fabulous program. There’s still time to take advantage of the tax credit, and there’s an excess of inventory on the market to choose from!