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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