Why You Don't Need 3-20% Down to Buy A Home In Idaho

Enter: Down Payment Assistance! ⤵️

Straight from their website…

Idaho Housing’s down payment assistance program eases the upfront financial cost of buying a home and allows you to start building generational wealth sooner. This program provides homebuyers up to 10% of the sales price of the home to use towards the down payment and/or closing costs. Idahoans who use this program can contribute as little as 0.5% of the sales price of their own funds to the purchase. 😲 (Continued Below)

Example:

If you want to buy a $400,000 home using an Idaho Housing conventional loan, the minimum down payment you would need to provide out-of-pocket is $12,000 (3.0% of $400,000).

If you used down payment assistance through Idaho Housing, you would only need to provide $2,000 of your own funds towards the purchase (0.5% of $400,000). Idaho Housing would provide the additional financing needed.

NOTE: 0.5% is the minimum contribution of your own funds you would need to provide. Some homebuyers elect to contribute more than the minimum. Your mortgage lender will help you determine what is best for your situation.

The additional financing is loaned to you via a second mortgage or a forgivable loan.

👉🏼 (HENCE: why I always say let’s get your connected with a good lender. Reach out!)