The Idaho Housing Path to Homeownership
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Becoming a homeowner is a big goal, but it’s more achievable than you think!
Idaho Housing and our partners are here to help you every step of the way.
Step 1: Gather Financial Information
Having a good understanding of your finances sets you up for success.
Review your credit score
Your credit doesn’t need to be perfect! Typically, a score of 620 or greater is beneficial. If your credit score isn’t what you want it to be, it’s still worth getting started.
Consider down payment assistance
Did you know that Idaho Housing offers down payment assistance. Homebuying is possible with as little as $500 out of your pocket! Consider this as you estimate the funds available for down payment and closing costs.
Understand your budget
It’s common to be pre-approved for a larger loan than you actually want to pay down. Go into lending conversations with a clear picture of your financial situation and what monthly payment amount feels manageable to you.
Use this free mortgage loan calculator to estimate your monthly payment in different scenarios:
Step 2: Connect With A Lender
Locate and connect with a trusted Idaho lender.
Use this search tool to find a trusted Idaho lender! They will walk you through the pre-approval process and answer questions along the way. The pre-approval letter from your lender will outline your affordable price range, letting you know how to shop.
You’ll want to have certain documents ready to go when you contact a lender:
- Income documents (pay stubs, W-2s, tax returns)
- Bank/asset statements
- Identification
If you intend to use Idaho Housing loan programs and down payment assistance, you must work with a lender approved by Idaho Housing.
Step 3: Take Finally Home! Our Homebuyer Education Course
Finally Home! equips you with the information you need to feel confident and empowered on your homeownership journey.
You’ll get a detailed overview of the full homebuying process and will leave the class with a better understanding of all the terminology you’ll encounter.
Step 4: Explore Idaho Housing Loans
Households with an income of up to $170,000 are eligible for IHFA home loan products and some of the lowest rates in the state.
We offer:
- Conventional loans
- Federal Housing Administration loans
- Loans for verterans
- Rural Development loans
Your lender can explain the loan options you are eligible for and help you decide which is best for your financial situation and long-term goals. Get an overview of IHFA loan programs.
Step 5: Shop for Your Home
Ask around for a recommended and trusted real estate professional.
Ask your friends, family, or your lender to recommend a real estate professional who can help you search for your dream home within your approved price range. When you find a house that feels like home, the Realtor will help you:
- Submit an offer with your pre-approval letter attached
- Negotiate with the seller
- Finalize the purchase agreement
Step 6: Finalize Your Loan Terms
Loan servicers provide resources to help homeowners succeed.
Loan servicers handle the day-to-day tasks of managing a loan. If your offer is accepted, your lender and loan servicer will:
- Order an appraisal of the home
- Verify your income, assets, debt, and credit
- Confirm your eligibility for down payment assistance (if applicable)
- Finalize your loan terms
For borrowers with an IHFA home loan, your mortgage loan servicer will be HomeLoanServ.
Step 7: Review Disclosures
Review final loan terms, monthly payments, and closing costs.
A few days before closing, your lender will provide you with a closing disclosure. The closing disclosure outlines:
- Final loan terms
- Your interest rate, monthly payment, and down payment details
- Closing costs
You can compare the closing disclosure to your original loan estimate, giving you a chance to ask questions before you get to the closing table.
Step 8: Make It Official
Congratulations on becoming a homeowner!
At closing day you’ll:
- Receive the keys to your new home
- Sign mortgage documents
- Pay required funds (down payment, closing costs)
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