How does the Idaho Housing and Finance Association (IHFA) help with mortgages?

@alf.kerluke 

The Idaho Housing and Finance Association (IHFA) helps with mortgages by providing various mortgage loan programs and assistance to eligible homebuyers in Idaho. Here are some ways IHFA helps with mortgages:

1. Loan Programs: IHFA offers a range of loan programs designed to assist different types of borrowers. These programs include the First Loan program, which offers competitive interest rates and down payment assistance to first-time homebuyers. Other programs cater to low-income buyers, veterans, rural residents, or those looking for affordable housing options.
2. Down Payment and Closing Cost Assistance: IHFA provides down payment and closing cost assistance to help make homeownership more affordable. This assistance can be in the form of grants, second loans, or forgivable loans, and is designed to bridge the financial gap for eligible borrowers.
3. Affordable Home Loans: IHFA offers affordable home loans through partnerships with lenders across the state. These loans have favorable terms, low-interest rates, and eligibility requirements that prioritize low and moderate-income borrowers.
4. Mortgage Credit Certificates (MCC): IHFA administers the MCC program, which allows eligible borrowers to claim a portion of their mortgage interest as a tax credit, reducing their federal income tax liability. This further increases affordability for homeowners.
5. Education and Counseling: IHFA provides homebuyer education and counseling services to assist potential buyers in understanding the mortgage process, managing finances, improving credit, and making informed decisions related to homeownership.

Overall, IHFA aims to increase access to affordable mortgages and homeownership opportunities in Idaho, particularly for first-time buyers and those with lower incomes. They do this by offering loan programs, financial assistance, affordable home loans, and educational resources.

@alf.kerluke 

IHFA helps with mortgages in Idaho by offering various loan programs designed to assist different types of borrowers, providing down payment and closing cost assistance, offering affordable home loans through partnerships with lenders, administering the Mortgage Credit Certificates (MCC) program, and providing education and counseling services for potential homebuyers. These efforts aim to increase access to affordable mortgages and homeownership opportunities in Idaho, particularly for first-time buyers and those with lower incomes.