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If buying a first home feels like a stretch, you might benefit from a first-time home buyer program offered nationally or within the state of Idaho. A variety of loan and grant programs are available to put homeownership within reach for residents of the Gem State.
National first-time home buyer programs
Offered by most lenders, these nationally available loans have low down payment requirements, which makes qualifying easier for many first-time buyers.
Idaho Housing first-time home buyer programs
The Idaho Housing and Finance Association offers purchase and refinance loans through a network of approved lenders for first-time and repeat home buyers, as well as down payment and closing costs assistance. The association’s home buyer tax credit program is available statewide to first-time buyers and repeat buyers in specific counties. In Idaho, you’re considered a first-time buyer if you haven’t owned a primary residence in at least three years.
Idaho Housing highlights and eligibility requirements
Offers competitive interest rates for purchase and refinance mortgages.
Down payment and closing cost assistance available.
Some loan programs have reduced mortgage insurance requirements.
Tax credit program is open to repeat home buyers in targeted counties and first-time buyers in all counties.
Meet income and purchase price limits in your county.
Have a minimum credit score of 620 (this requirement is higher for some programs).
Complete a home buyer education course. One of the partners in a couple must complete the course if both are first-time home buyers.
Work with a lender approved by the Idaho Housing and Finance Association.
Your next step
You can read more about Idaho home buyer programs and check your eligibility by filling out a form on Idaho Housing's website. To apply, you’ll need to work through a participating lender. After searching by location or for a specific company, you can start shopping. For more information on how to weigh options, see our tips for finding the best mortgage lender.
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