Purchasing A Home

Fixed Rate Home Loans
These loans have the same interest rate for the life of the loan. This is the most popular type of home loan because it is easier to budget. Generally, the shorter the term, the lower the rate.

• Protection from rising interest rates
• Predictable monthly payments
• Low, affordable interest rates
• Multiple terms available - 10, 15, 20, and 30 years
• No initial loan application fees

First-Time Homebuyer Programs - Sponsored by the Idaho Housing and Finance Association (IHFA)
Idaho Central offers several mortgage options through IdaMortgage. These are great options for those looking for a low to no money down option, including first-time home buyers.

• Unique programs designed to help first-time homebuyers
• Low interest rates with low down payment options for homebuyers
• Down payment assistance programs available for qualified borrowers
• Special programs offering waived mortgage insurance premiums

Advantage Adjustable Rate Mortgage
This loan offers an initial fixed rate and lower closing costs to help those with less, afford more. For the first 5 years, the rate will be fixed at a "below market rate" to help you gain buying power. After the fixed period expires, the rate may adjust every 5 years.

• Low initial rate - this product has a lower fixed rate for the first 5 years
• Less frequent adjustments - adjusts only once every 5 years
• Low down payment - only 3% needed which is better than FHA
• Low closing costs - no origination fee
• Locally underwritten and serviced - we will not sell these loans
• Lower mortgage insurance premiums - improve your buying power over a fixed-rate loan
• Available for Jumbo Financing

Federal Housing Administration (FHA)
The Federal Housing Administration backs qualified loans provided by Idaho Central to promote home ownership to those with low or moderate income or limited savings.

• Low down payment requirement of 3.5%
• Flexible credit requirements for those working on improving their credit
• Gifted down payment funds from family are eligible

Veteran Affairs (VA) Mortgage
The Department of Veteran Affairs backs mortgages provided by Idaho Central to qualified military members.

• No down payment required
• No monthly mortgage insurance premium
• Flexible credit requirements for those working on improving their credit
• Available to qualified Veterans who are looking to purchase or refinance

Rural Housing Services (RHS)
This home loan is for home buyers who would like to buy a home in a rural community.

• No down payment required
• Special financing option for low to moderate income families
• Low monthly mortgage insurance premium
• Available in qualified rural areas or communities

Jumbo Financing
Idaho Central provides financing for loans above $417,000.

• Financing available up to 90% of the home's value
• Waived mortgage insurance on primary residences only with acceptable credit
• Lower origination fees
• Locally underwritten and serviced - we will not sell these loans

Contact a Home Loan Specialist.

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Compare all of Idaho Central's home loans.