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Unlock Homeownership: Your Guide to Idaho’s 3% Down Options

Unlock Homeownership with a Low Down Payment: Your Guide to Idaho’s 3% Down Options

Buying a house can feel like a distant dream, especially with the idea of a hefty down payment. But here’s a welcome surprise for Idaho homebuyers: you might qualify for a low down payment program!

Did you know that many first-time homebuyers, and even those who haven’t owned a home in over 3 years, can put as little as 3% down on their primary residence?

Here’s the exciting breakdown:

  • Fannie Mae’s Definition: If you haven’t owned a home in the past three years, according to Fannie Mae, you’re considered a first-time homebuyer again!
  • Time to Shine: This means if you sold your previous home before March 2020, you’re eligible for these programs in 2024.
  • Low Down Payment Advantage: The best part? You can potentially qualify for a mortgage with just a 3% down payment!
  • Reaching for More: In many Idaho cities, this 3% down payment can translate to homes valued up to $700,000 – opening doors to a wider range of properties.

Why is this a big deal?

A low down payment option significantly reduces the financial barrier to entry for homeownership. This can be especially helpful for young professionals, growing families, or those who haven’t had the chance to save a sizable down payment.

Ready to take the next step?

Contact us today at [Your Company Name]! We specialize in helping Idaho homebuyers navigate the mortgage process and unlock the dream of homeownership, even with a lower down payment.

Here are some additional points to consider:

  • 3% Down Isn’t Always Best: While enticing, a 3% down payment will typically mean a higher monthly mortgage payment and private mortgage insurance (PMI). Explore all your options to find the best fit for your financial situation.
  • We Can Help You Navigate: Our team can guide you through different mortgage programs, including those with a 3% down payment option. We’ll help you understand the pros and cons and choose the program that best suits your needs.

Don’t let a large down payment hold you back from owning your dream home in Idaho. Let’s chat and explore your options!

Jesse Stroup | Idaho Mortgage Broker

Home Loans of Idaho, LLC


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