IHFA First Loan FHA
Best For: First Time Homebuyers, Low Down Payments
FHA program for Idaho first time homebuyers with competitive interest rates and down payment assistance options.
This loan program is not available in USA
Program Description
This 30-year fixed FHA program for first time homebuyers can be combined with the IHFA Second Mortgage and/or Forgivable Loan Down Payment Assistance Programs, which provide additional funds ranging from 0.5% to 10% of the purchase price or appraised value. It can also be used as a standalone option, as it generally has more competitive interest rates than other local programs and is always serviced in Idaho.
Tags
Do you match this loan?
Our loanSMART system will tell you if this loan program is a good fit your scenario.
IHFA First Loan FHA
Min. Credit Score
580
Min. Down Payment
3.5%
Max Loan Amount
$472,030
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Assistance available, between 0.5% and 10% of price or value
- Available in all of Idaho
- Allows up to 50% DTI (Debt-to-Income)
- Also available for manufactured homes
- No purchase price limits
- Higher rates than the IHFA Tax-Exempt First Loan FHA Program
- Requires UFMIP (Upfront Mortgage Insurance Premium)
- Mortgage Insurance (MIP) is required for the life of the loan (some exceptions apply)
- Income limits apply
Program Availability
IHFA First Loan FHAs are available in 1 state.
Talk to an Expert
An RMM PROLender can help you see if this or a different loan program is the right fit for your unique situation. Get Started.
“The First Loan FHA IHFA option is easier to qualify than other Idaho Housing first mortgage options, but has a significant funding fee and lifetime mortgage insurance (in most cases)."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
50.00%
Purchase Price Limit
No Limits
Income Limit
$150,000
Annual Qualifying Income
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
Buying a Home?
Answer a few short questions and we'll build you a custom list of home loan program options. You're homeownership journey is in good hands.
Key Features
- FHA loan program option from IHFA; easier qualification than other options
- Must be a first time homebuyer
- Can be combined with Second Mortgage and/or Forgivable Loan assistance
Additional Conditions
- The Forgivable Loan may be combined with the Second Mortgage for a combined total of 10% of the purchase price or appraised value.
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
- Subject to purchase price limits and stricter income limits when combined with MCC (Homebuyer Tax Credit).
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class may be required for this loan program.
Class Name: Finally Home!® Homebuyer Education Program
Finally Home!® is IHFA's homebuyer education program designed to help potential homebuyers understand the process and make informed decisions. The program covers topics such as home affordability, financing options, and the home-buying process. The course costs $70, with discounts available. There are online and in-person options available. The course is only required if this program is combined with down payment assistance.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
Required On All FHA Loans
Type: Annual Mortgage Insurance Premium (MIP)This FHA program requires the Annual Mortgage Insurance Premium (MIP) regardless of the amount of your down payment or home equity.
Type: FHA UFMIP
The FHA Up Front Mortgage Insurance Premium (UFMIP) is a one-time fee equal to 1.75% of your loan amount. This fee can either be paid at closing or financed into your loan amount.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Grants, Bonds & 2nd Mortgages
There are certain programs that can be combined with this IHFA First FHA program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
IHFA Forgivable Loan
|IHFA First FHAThe Idaho Housing Forgivable Loan provides up to 3% down payment and closing cost assistance for your Idaho home purchase.
Max. Loan Amount
$472,030
Min. Credit Score
580
Min. Down Payment:
0%
IHFA Second Mortgage
|IHFA First FHAThe Idaho Housing Second Mortgage provides up to 7% down payment and closing cost assistance for your Idaho home purchase.
Max. Loan Amount
$472,030
Min. Credit Score
620
Min. Down Payment:
0%
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
IHFA Tax-Exempt FHA Targeted
Best For: First Time Homebuyers, Lowest Rates
Tax-exempt FHA program for Idaho homebuyers in targeted Idaho Counties with below market interest rates and down payment assistance options.
IHFA Tax-Exempt Conventional Targeted Med Income
Best For: First Time Homebuyers, Lowest Rates
Conventional tax-exempt option with below market rates and assistance options for homebuyers with incomes above 80% AMI in targeted Idaho Counties.
Related Resources
First Time Homebuyer Guide
Being a first-time homebuyer has its fair share of challenges. One of your biggest obstacles will be competing against other new or seasoned buyers. While bidding wars have tapered since the previous buying season, they can still occur.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read More
Mortgage Insurance Premium – MIP – Explained
Are you scratching your head, wondering what mortgage insurance is and why it's adding to your expenses? It's confusing, to be sure. If you're taking out a Federal Housing Administration (FHA) loan, chances are you'll need a mortgage insurance premium (MIP) to be set up. Also known as FHA mortgage insurance, it works to protect the lender from these higher-risk loans. As you learn how to buy a house, you may encounter these home loans, which typically have a lower interest rate and easier qualifications. Even with the requirement for MIP, FHA loans could still benefit you.
Read More
High Balance FHA Loans Explained
Explore high balance FHA loans: low down payment, relaxed credit guidelines, and higher loan limits in high-cost areas. Ideal for first-time homebuyers.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
Mortgage Program by:
ReviewMyMortgage.com is in no way affiliated with the companies or institutions listed here.
Start Your Journey
Whether your are buying a new home, or refinancing your current home loan, let the experts at Review My Mortgage guide you on your homeownership journey.
Are you a mortgage professional?
Learn about our unique sponsorships, including RMM PROLender, that can take your production to the next level.
Get in Touch