Cinco de Mortgage: 5 Surprising Facts About Home Loans in Idaho

Cinco de Mortgage: 5 Surprising Facts About Home Loans in Idaho 🎉

It's Cinco de Mayo, and while most people are celebrating with tacos and margaritas, we're bringing the fiesta to your finances! 🎊
Here are 5 surprising Idaho mortgage facts 2025 homebuyers need to know - whether you’re looking in Boise, Nampa, or beyond.

🌮 1. Minimum Down Payments Start at Just 3%

You don't need a mountain of cash to buy a home in Idaho. Many conventional loans offer 3% down, and FHA goes as low as 3.5%. Pair that with Idaho Housing programs, and you’re well on your way.

🎁 2. You Can Use Gift Funds

That generous graduation gift from Grandma? It might just become your down payment. Most Idaho loan programs allow family gift funds to cover closing costs or down payments.

🏠 3. Idaho Offers Unique Down Payment Assistance

The Gem State truly shines when it comes to helping first-time buyers. Idaho Housing offers multiple DPA programs with low rates and second mortgage options - perfect for new homeowners.

Need more information about Down Payment Assistance, follow this cool link:  https://375loan.com/idaho-down-payment-closing-cost-assistance/

🛑 4. Prepayment Penalties Are Rare

Worried about being punished for paying off your mortgage early? Don't be. Most modern loans in Idaho - especially FHA, VA, and conventional - have no prepayment penalties.

🏡 5. You Can Get Loans for Manufactured Homes

Live in Emmett or Marsing and eyeing a manufactured home on land? You’re in luck. Many Idaho lenders, especially through Rural Development and FHA, offer loan options for manufactured homes.

Cinco de Mayo might be once a year - but learning how to win with your mortgage? That lasts a lifetime. Let's celebrate homeownership together, Idaho-style. 🎉🌄