IHFA First Loan VA
Best For: First Time Homebuyers, Low Down Payments
VA program for Idaho first time homebuyers with competitive interest rates and up to 2% in credits toward costs.
Program Description
This 30-year fixed First Loan VA program from Idaho Housing (IHFA) for Idaho Veterans and active-duty military can be combined with an optional credit of either 1% or 2% to help offset costs. Must be a first time homebuyer, and homebuyer education is encouraged, but not required.
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 VA
Min. Credit Score
620
Min. Down Payment
0%
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
- 2% of the first loan amount in mortgage credits
- Available in all of Idaho
- Allows up to 50% DTI (Debt-to-Income)
- No mortgage insurance
- Must meet program guidelines
- Subject to income limits
- Requires the VA Funding Fee
- No multi-family properties allowed
Program Availability
IHFA First Loan VAs 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.
“For those veteran and active-duty first time homebuyers that are in need of a little assistance in securing their dream property, this program may be the solution."
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
- VA loan program option from IHFA for ID Veterans and Active-Duty Military
- Can be combined with either 1% or 2% in credits to offset costs
- Must be a first time homebuyer
Additional Conditions
- Buyers must meet program guidelines, complete homebuyer education courses, occupy the property as a primary residence, and not exceed the income limits.
- Taking the 1% or 2% credit to use in assistance will result in an incrementally higher interest rate for the loan program.
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. It is encouraged but not required for the VA loan program.
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.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: VA Funding Fee
The VA Funding Fee, which ranges between 1.25% - 3.3% of the loan amount, is charged on all VA loans unless the veteran has been entitled 10% or greater in disability.
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.
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
VA Loan Guide
As a Veteran You Should Know All That Your Service has Entitled You to. The VA Loan Can Provide Many Valuable Advantages to Those Who Have Served Our Country.
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