Mortgage in Idaho
If you like the outdoors, Idaho could be the perfect state for you. With its proximity to tech hubs like Seattle and a relatively low cost of living, Idaho has recently gained more attention from people fleeing the higher-priced places like New York and San Francisco. It has beautiful scenery, a growing economy, and a median home price that sits right around a quarter of a million . Use our Idaho mortgage calculator to see how much you could save by living in this state!
Idaho Mortgage Calculator: See What You'll Pay in Housing
If you're looking to buy in Idaho, there are three primary mortgage types that you'll need to know.
- Idaho conventional mortgage: These are the most popular mortgages by far in Idaho. The relatively inexpensive housing costs mean that most prospective residents can get a conforming loan, which has a minimum credit score of 620, a maximum debt-to-income ratio of 50%, and a down payment as low as 3% (the closer to 20% you can put down, though, the better). If you put down less than 20%, you'll need to pay private mortgage insurance.
- Idaho FHA mortgage: With housing costs relatively low, FHA loans are excellent choices for people who have lower credit scores. With a credit score of 580, you can put 3.5% down and potentially get an FHA loan. If you have a score between 500 and 579, you'd need to put 20% down. You must pay private mortgage insurance for the life of the loan, but you can always refinance to get out of that!
- Idaho VA mortgage: Veterans have access to one of the best mortgage programs in the country. VA loans require 0% down, no private mortgage insurance, and they offer competitive rates. However, a credit score of 660 or higher is necessary.
With relatively low down payment options and less expensive housing, as you'll see playing around with this Idaho mortgage calculator, living in Idaho is quite affordable!
First-Time Homebuyers in Idaho
Idaho Housing offers four main homebuyer incentives that you need to know before purchasing a home in this state!
Idaho Housing offers loans with low interest rates. These loans automatically give borrowers eligibility for some of the other down payment and closing cost assistance.
Eligibility Criteria: Borrowers cannot make more than $110,000 per year.
With the second mortgage program, borrowers can between 2.5% and 3.5% of the purchase price as a 10-year second mortgage with a fixed 5% rate.
Eligibility Criteria: Borrowers usually cannot make more than $110,000 per year and must contribute at least 0.5% of their money. You'll need a minimum credit score of 640. This program requires educational classes.
With the forgivable loan program, you'll get tiered forgiveness over seven years for an amount up to 3.5% of the purchase price.
Eligibility Criteria: Borrowers must complete an educational class. Borrowers must also use at least 0.5% of the sales price of their money.
Mortgage Credit Tax Certificate
Eligible homeowners can deduct 35% of their mortgage interest as a non-refundable tax credit, up to a maximum of $2,000.
Eligibility Requirements: Income limits and sales price maximums apply.
Idaho Mortgage Calculator: Live in a Scenic State!
Idaho has gorgeous scenery and presents an affordable alternative for would-be homeowners to the more expensive coasts. If you're interested in moving to Idaho, use the calculator to see how much you'll spend on housing!