Idaho first-time homebuyers may be eligible for down payment assistance funds

Idaho first-time homebuyers may be eligible for down payment assistance funds of up to $20,000 in conjunction with a mortgage loan from IdaMortgage, a program of the nonprofit Idaho Housing and Finance Association. The funds are available until Jan. 1.

Anyone who meets income qualifications should take advantage of this limited-time funding opportunity that will allow them to purchase a home.

The dollar amount buyers may receive from this federal program funding ranges from $1,000 to $20,000 and is based on need. Borrowers must be at or below 80 percent of area median income and be a first-time homebuyer to qualify for this no interest, due-on-sale loan. For example, according to the Idaho Housing and Finance Association, a four-person household in the Treasure Valley must make $50,000 or less to meet income requirements.

In addition, Idaho first-time home buyers may also use their $8,000 tax credit toward the down payment of their home through the use of a bridge loan from their lender. Borrowers must still come up with the required 3.5% down payment using their own funds, but after that, they can use the "short-term" tax credit bridge loan to increase their down payment, cover their closing costs or buy-down their mortgage rate.

The down side? ...credit scores. You will still need to pay close attention to your credit score to qualify for any sort of mortgage. In general, a score under 650 will make the process difficult.

There are real estate opportunities for the right Idaho home buyer, the problem is getting the information out to them.