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10
ICCU Launches a New 40 Year Loan for First Time Home Buyers
One of the biggest struggles in the Idaho home buying market right now is affordability for the first-time home buyers. Lenders are scrambling to find ways to help more buyers qualify for a mortgage and Idaho Central is excited to announce our 40-year First Time Homebuyer loan.
An Idaho Central Credit Union 40-Year First-Time Homebuyer 100% Financed Loan* is designed for lower household income first-time homebuyer(s). This fixed-rate loan offers a longer term which equates to lower monthly payments. Product highlights include 100% financing*, No monthly PMI, Gifted funds allowed, and local underwriting and loan servicing.
In comparing a $450,000 purchase price with other loan programs, the 40-year loan can save an estimated $50 - $300 in monthly payment. This translates directly to being able to qualify for a higher purchase price for the buyer(s). ICCU is driven to help first-time home buyers towards the dream of home ownership and our loan officers are ready to help answer any questions you may have!
Interested in purchasing a home? Contact one of our home loan specialists to discuss your options.
*Income limits apply. Credit score minimum required. Borrower(s) must contribute $1,000.
Minimum loan amount of $200,000. Maximum loan amount of $600,000.
A fixed rate loan of $450,000 for 40 years at 6.5% interest and 6.688% APR will have a monthly payment of $2,635. Payment does not include taxes or insurance; actual payment obligation will be greater. All loans OAC.
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