IHFA Conventional HFA Median Income
Best For: First Time Homebuyers, Low Down Payments
Conventional option for Idaho repeat homebuyers that can be paired with down payment assistance of up to 7% of the purchase price.
Program Description
This 30-year fixed Conventional program can be combined with the IHFA Second Mortgage or Forgivable Loan Down Payment Assistance Programs, which provide additional funds ranging from 0.5% to 7% 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.
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IHFA Conventional HFA Median Income
Min. Credit Score
620
Min. Down Payment
3%
Max Loan Amount
$726,200
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 7% 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
- Requires private mortgage insurance (PMI)
- Higher mortgage insurance cost than the low income conventional option
Program Availability
IHFA Conventional HFA Median Incomes are available in 1 state.
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“This conventional option can come in handy when using IHFA's down payment assistance program but you don't meet the limits for the low income program."
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.
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Key Features
- Conventional loan program option from IHFA with higher income limits
- No first time homebuyer requirement
- Can be combined with Second Mortgage or Forgivable Loan assistance programs
Additional Conditions
- This program cannot used the Second Mortgage/Forgivable Loan combination option that provides up to 10% down payment and closing cost assistance.
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
- Program is either Freddie Mac HFA Advantage or Fannie Mae HFA Preferred.
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 or if both borrower are first time homebuyers.
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 with less than 20% Down Payment
Type: Private Mortgage Insurance (PMI)This program requires Private Mortgage Insurance (PMI) if you are putting down less than 20% on the home you are purchasing or refinancing.
Type: No Funding Fee
This program does not have a funding fee.
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 Conventional MI program to help cover all or a portion of your down payment and closing costs, or provide additional borrower benefits.
IHFA Forgivable Loan
|IHFA Conventional MIThe Idaho Housing Forgivable Loan provides up to 3% down payment and closing cost assistance for your Idaho home purchase.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
IHFA Second Mortgage
|IHFA Conventional MIThe Idaho Housing Second Mortgage provides up to 7% down payment and closing cost assistance for your Idaho home purchase.
Max. Loan Amount
$726,200
Min. Credit Score
620
Min. Down Payment:
0%
Special Offers
Occasionally, there are special offers that can be added to this mortgage program that provide additional benefits, such as a reduction in your federal taxes (mortgage credit certificates), extra cash for your down payment, and more.
Arizona Mortgage Credit Certificate (MCC)
CIC Tucson's Mortgage Credit Certificate (MCC) is an interest tax credit that is used to reduce your federal income tax responsibility each year. It is specifically for first time homebuyers and veterans and can be paired with most Arizona down payment assistance programs.
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
Knowing Your Mortgage Insurance Options (Conventional Loan PMI)
PMI is an important part of getting a mortgage, but it can vary in cost. Learn about the different types and what you should consider when budgeting for it here.
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
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