FHA LOANS
Opening the Doors to Home Ownership
Home loans insured by the Federal Housing Administration (FHA) can make it easier for you to qualify to purchase or refinance a home. This loan option offers flexible qualification guidelines to help people who may not qualify for a conventional mortgage, like first-time homebuyers and people with low-to-moderate incomes.
Low Down Payments
Fixed- and Adjustable-Rate Mortgages
Loans for 1-4 Unit Properties and Condos May Be Available
Down Payment Funds Can Be a Gift From a Relative or Employer*
Home Sellers Can Contribute Up to 6% of the Closing Costs
FHA Loan Programs in Idaho
Adjustable-Rate Mortgage
FHA’s adjustable-rate mortgage (ARM) insures home purchases or refinances with rates that can change after the initial fixed-rate period. Depending on market fluctuations after this initial fixed-rate period, your monthly payments could change due to rates increasing or decreasing. An ARM could be the right choice for you if you plan on staying in your home for just a few years, you’re expecting a future pay increase, or the current interest rate on a fixed-rate mortgage is too high.
Fixed-Rate Mortgage
Fixed-rate mortgages protect you against rising rates since the interest rate remains the same for the entire term of the loan. With FHA loans, you can select a 30-, 20- or 15-year term. The main difference is the lower term options have higher monthly payments, which also means you are building home equity faster. Keep in mind you can use equity as a down payment for your next home or a future cash-out refinance. If you plan on staying in your home for a longer time frame, a fixed-rate mortgage could be the right solution for you.
Streamlined Refinance
If you currently have an FHA mortgage, we may be able to help you reduce your interest rate and lower your monthly mortgage payments with an FHA streamlined refinance. Plus, a streamlined refinance requires limited borrower credit documentation and underwriting for an even easier process. This may be the right solution if you want to convert your ARM to a fixed-rate loan.
Partner of State Housing Finance Agencies
In addition to the Idaho Housing and Finance Association (IHFA), we partner with housing and finance agencies across the country. Benefits for qualifying homebuyers can include:
Lower than market interest rates
Mortgage credit certificate
Reduced mortgage insurance premiums
Housing counseling and certification
Down payment assistance loans
Housing grants
Closing cost assistance financing
Special loan features
Invest in the Future You Deserve.
Not only do you deserve a perfect home, but one that will lead to a better future. We can help you get there.
*Subject to underwriting review and approval.