Financial Literacy Tip of the Week: Navigating Barriers to First-Time Homebuying

Wednesday April 10, 2024

Buying a house is a significant life decision, and the process can feel overwhelming. This week the Idaho Department of Finance is providing resources to help first-time homebuyers in Idaho navigate the journey with confidence.

The homebuying landscape presents various challenges and barriers. The most apparent being changing mortgage rates, down payments, housing inventory, affordability, credit score, qualification for a mortgage, debt, job uncertainty, and the list goes on. Understanding these hurdles is crucial. It is also important to do research about the types of mortgages available to consumers; those being Conventional, FHA (Federal Housing Authority), USDA (US Department of Agriculture), and VA (Veterans Affairs). Along with the specific loan types, mortgage loans come with a 15-year or 30-year fixed term and many states or lenders offer down payment assistance programs which help first-time homebuyers successfully purchase a home.

View the full press release.