Idaho Housing and Finance Association (IHFA) Zero Down 100% Financing for First-Time Home Buyers

Posted by Andy Radke
July 2, 2009

Idaho Housing and Finance Association (IHFA) Zero Down 100% Financing for First-Time Home Buyers. IHFA has a few different loan programs and options for getting 100% financing on the purchase of a property.

The definition of a first-time home buyer is any person not owning a home within the past three years.  It is an exciting time to be a first-time home buyer. Not only are interest rates still very low and housing prices at a bottom but on top of all of this if you purchase a home between January 1, 2009 and December 1st 2009 first-time homebuyers can get a tax credit of 10% of the purchase price up to $8000.

With the $8000 tax credit Idaho Housing and Finance association (IHFA) has a tax credit 2nd loan. The idaho tax credit 2nd loan allows first-time homebuyers to borrow agains there future $8000 tax credit allowing them to get up to 100% fnancing. There are a few stipulations to this loan program.

Idaho Tax credit 2nd loan Key Features :

- Must be a First-Time Homebuyer
- Must have a FICO Score no less than 640 and a total debt ratio of no more than 45%
- The loan will accrue interest at 3% with a due date of July 1, 2010
- Loan offered in the amount not to exceed 5% of the sales price or $7,000
- Homebuyer education is required

If you are not a first-time home buyer you will not be able to qualify for the Idaho tax credit 2nd loan. However Idaho Housing and Finance Association has another program that would allow you to get 100% financing so don’t stress.

The Idaho Housing and Finance Association Good Credit Rewards program is a great program for getting 100% financing withou being a first-time home buyer.

Good Credit Rewards Key Features

- Don’t have to be a first-time home buyer
- Must have a FICO Score no less than 700
- Home buyer education is required for borrowers with less than a 720 credit score
- Borrowers must contribute at least $500 towards the transaction, or higher depending on Mortgage Insurance requirements.
- Good Credit Rewards funds are based on need. Borrowers cannot have more than an equivalent of three months payments in liquid assets after closing.

If you have any questions pertaining to purchasing a home with 100% financing give me a call and I can answer any questions you may have.

Andy Radke
Mortgage West
Mortgage Consultant
Direct: 208-859-5825
LoanswithAndy@gmail.com

Top 5 Boise Idaho Mortgage Links/Articles/Questions

1. What is the $8000 Idaho First-Time Home Buyer Tax Credit?
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8000 tax credit, FHA Mortgage, First Time Home Buyer

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