The Idaho good credit rewards down payment and closing costs assistance program is great for Idaho first time home buyers or anyone looking to get 100% financing for purchasing a home. There are some income and credit score guidelines for this program. Below are the basics of the program.
- Home buyers must make less than 140% of area median income
- Borrowers must contribute at least $500 towards the transaction, or higher depending on Mortgage Insurance requirements.
- Interest rate is 1% higher than mortgage rate of the first mortgage for borrowers with credit scores of 720 or higher
-Interest rate is 2% higher than mortgage rate of the first mortgage rate for borrowers with credit scores of 700 to 719.
- Maximum amount of second mortgage is capped at 3.5%, for all loan programs, not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines.
- Homebuyer education is required for buyers with credit scores lower than 720.
- Borrowers with credit scores of lower than 700 will not be able to obtain this second mortgage.
- Good Credit Rewards funds are based on need. Borrowers cannot have more than an equivalent of three months payments in liquid assets after closing.
If you are looking to purchase a home in Idaho and would like to have an option for 100% financing the good credit rewards 2nd mortgage is a great way to go. If you have questions about this unique product feel free to contact me.
Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com
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*This is not an offer to lend. 
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