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.