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First-Time Homebuyer Guide

Ready to Find Your First Home?

For over 80 years, Idaho Central Credit Union has worked to create unique home loan benefits designed specifically for you. We know buying a home for the first time can be a little intimidating, but never fear! We are here to help you get the home you deserve.

Get Started

First-Time Home Buying Made Easy

Home buying doesn’t have to be difficult. We’re here for you! We have the right first-time mortgage options for your specific needs including little to no money down plans, low rates, and the friendly service you deserve. Here are a few first-time mortgage options just for you!

Federal Housing Administration (FHA): Typically this loan has a lower interest rate than standard conventional loans, only about 3.5% for a down payment, and is able to qualify those with lower credit scores and higher debt-to-income ratios. This loan gives you more buying power for more house.

First-Time Homebuyer Programs: This option offers unique programs designed to help first-time homebuyers with little to no money down, or those with limited income. It features low interest rates and low down payment options. Down payment assistance programs are also available for qualified borrowers and there are special programs offering waived mortgage insurance premiums.

Veteran Affairs (VA) Home Loans: This loan is available for military service members, veterans, and select military spouses. Homebuyers that qualify for this loan can take advantage of the zero down payment and there is no monthly mortgage insurance required.

Advantage ARM First-Time Homebuyer 100% Financed: This adjustable rate mortgage is designed for lower household income first-time homebuyers with little down payment. For the first 5 years, the rate will be fixed at a “below-market rate.” After that, the rate may adjust every 5 years. This loan also has no mortgage insurance requirement.

Advantage Adjustable Rate Mortgage (ARM): This is a low down payment, low rate, and low closing cost loan. It requires a minimum of 3% down and generally has a lower initial interest rate than most 30-year fixed interest rate loans. This product is ideal for buyers that want a lower initial monthly payment, and expect to remain in their home for a relatively short time.

Gifted Funds Mortgage: Use a pledged deposit as a gifted down payment. This loan is perfect for a child, grandchild, or family member buying their first home with a little assistance from a parent or relative. This loan features a fixed rate and no required private mortgage insurance.

See all mortgage options

Apply Now

Boost Your Home-Buying Confidence

Owning a home can be one of the greatest joys of life. We want to help all Idaho Central members get the home they deserve, and to prove it, we’ve put together a tool belt of resources that range from home loan calculators to educational courses to help you make a solid game plan.

Once your plan is in place and you have taken advantage of these resources, put your new-found confidence to practice and apply for a mortgage that is right for you.

Apply Today

    Calculators

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  • Owning a Home *FREE
  • Finally Home!
  • Articles

  • All You Need to Know About First-Time Homebuying
  • All You Need to Know About Mortgage Interest Rates
  • Making the Decision to Buy a House

Once your plan is in place and you have taken advantage of these resources, put your new-found confidence to practice and apply for a mortgage that is right for you.

Apply Today

We Are Here to Help

Couple meet with Mortgage Officer

Nervous about getting a Mortgage Loan? Not sure where to start? Don’t sweat it! Whether you are buying or refinancing a home, our Mortgage Loan Officers are here to help you every step of the way.

Find an Officer

Building? Find a Construction Loan Officer.

Idaho First-Time Homebuyer Savings Account

The Idaho First-Time Homebuyer Savings Account helps you save for that first place to call home and is supported by the State of Idaho. Contributions to the account earn interest1 and may be eligible for a State of Idaho tax deduction2.

In need of some additional help? Check out these awesome tips for budgeting to help you get into your dream home.

Open Now

1 Interest rate and annual percentage yield are variable. May change at any time.

2 Please consult with your legal or tax advisor to determine tax benefit and eligible home purchase expenses.

Couple looks at house being built

Come In For a Visit

ICCU has over 45 branches across Idaho and Washington. Visit any branch and we’ll be happy to discuss all your home loan needs. No appointment necessary, just stop by when it’s convenient for you or apply online for your
first-time homebuyer mortgage
.

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ABOUT US

Idaho Central is the premier credit union in Idaho and offers full-service locations throughout the Treasure Valley, Magic Valley, Eastern Idaho, North Idaho, and Spokane. While growth is vital to our success, we remain focused on our mission, “Helping members achieve financial success.”

Routing Number: 324173626   NMLS ID: 433926

Idaho Central Credit Union is federally insured by the National Credit Union Administration.
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