New zero down loan options for Idaho First Time Home Buyers

Mortgage and Lending with Fairway Independent Mortgage Corporation NMLS #2289 Individual NMLS #74935

The last couple of years have seen the elimination of most of the zero down payment options for home buyers.  While there are a few options left,  questions of who qualifies and how to get a home when you have no down payment have been the most asked questions.

Recently, we have rolled out a Zero Down Home Loan for first time home buyers in Idaho.  The general requirements are:

     Must not have owned a home in the last 3 years.

     The borrowers must have a fico score of at least 680

     The combined debt to income ratio must not exceed 45%

     The borrowers must contribute at least $1000 to the transaction.

Now there are other qualifying that must be done, but those are the main qualifications.

This program doesn't require private mortgage insurance, making it very affordable.

When compared against the often used FHA program with secondary financing and required mortgage insurance premium, it came in much lower monthly payment.

So if you're a First Time Home Buyer in Idaho, and you have questions on how to qualify for this program, call me at 208-861-7579.



Comments (4)

Kyle Jan
Scottsdale, AZ
Phoenix AZ Homes for Sale

Does this have a silent second with requirements pertaining to occupancy and length of time you must stay in the home?

Jun 21, 2010 12:00 PM
Roger Howell
Fairway Independent Mortgage Corporation NMLS #2289 - Boise, ID
We do business the Fair way!

Hi Kyle,

No, I was referring to the Tax Credit Second Program and the Good Rewards Second program offered by our Idaho Housing and Finance Association.

This is one loan to 100%.  It's for owner occupants only, and there's no time requirement that I know of.

Jun 21, 2010 12:19 PM
Ulysses Mori

Good news....  on the 100% loan.  Keep the information coming.  Ulysses

Jun 24, 2010 03:19 AM
Jim Paulson
Progressive Realty (Boise Idaho) - Boise, ID

Roger, as you are working with buyers here in the Boise area, keep in mind that if you have one that needs help with closing costs or needs a few more months to get their credit in line for approval, let me know and we will work together to incorporate this into a contract on a new home for your clients!  I have closed new homes with over 50 separate builders here in the Treasure Valley and I currently have many options to help you help your buyers!

Also, are you any relation to Kevin Howell?  I have worked with him since he was building homes about 15 years ago and also as a developer helping him to sell his lots to builders.

Since you posted this to the Idaho Real Estate Group, . . .


I am hoping that the new group that I started will gain more traction so all of our posts will get more activity.  Please consider starting to post your localized blogs to this site as one of your “groups” instead of the current "Boise Idaho Real Estate" group so we can work on getting more of your blogs featured in the future!  There were only 19 subscribers to this group so I will be contacting each of them to let them know my objective.


Sep 03, 2010 05:56 AM