Fixed 30 Year1
as Low as
Rate: 6.875%
0.000% POINTS
First-Time Home Buyer Mortgage Options in Idaho
Purchasing your first home is an exciting, overwhelming, and emotional time. There is a lot to learn, our Idaho Mortgage Specialists can help you explore available mortgage options, review current rates, and understand the steps from application through closing.
What First Time Homebuyers Should Know
Purchasing your first home is an important decision. One of the most important steps before buying a house is creating a budget and figuring out what you can afford. A monthly mortgage payment includes not only the home's purchase price but also taxes, insurance, and fees such as HOA dues. Monthly payments are also affected by your credit score and any mortgage programs you may qualify for. A home purchase also comes with upfront costs the new buyers may not be aware of; a down payment and closing costs can influence how expensive a house you can afford.
Check out our rates
Fixed 15 Year1
as Low as
as Low as
Rate: 6.250%
0.000% POINTS
30 Year Fixed Rate2 Refinance as low as
Rate: 7.000%
0.000% POINTS
15 Year Fixed Rate2 Refinance as low as
Rate: 6.375%
0.000% POINTS
Conventional Fixed Rate
Manufactured Home
FHA
VA
Take the first step toward your big purchase.
From buying your first home to moving into a larger space, purchasing a second home or an investment property, a conventional loan will help you make your purchase.
This Loan Would be a Great Fit For:
- Long-term Homeowners
-
Budget-Conscious Buyers
Financing for every type of home.
Whether you're placing a manufactured home on land you already own or leasing space in a community, our expert lending team is here to help. We offer affordable, timely financing to get you into your new home, on your terms.
This Loan Would be a Great Fit For:
-
Low to Moderate Income Buyers
-
The home must be classified as real estate
Loans backed by the Federal Housing Administration.
Homeownership is a game-changing step in your financial journey. It means every payment is an investment in your future. Our FHA Loans can make homeownership a possibility for many borrowers who may not qualify for conventional financing.
Schedule an appointment with one of our lenders to talk through your options for financing today.
This Loan Would be a Great Fit For:
-
Limited down payment
- Buyers with modest credit
- Buyers with higher debt
Purchase your dream home with little to no down payment and competitive interest rates.
VA Loans are backed by the Department of Veterans Affairs and can make homeownership achievable with convenient financing options. Our lending team is here to guide you through the process every step of the way. Schedule an appointment with one of our lenders to talk through your options for financing today.
This Loan Would be a Great Fit For:
-
Veteran, active-duty service member, or qualifying surviving spouse
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Those looking to buy or refinance a primary residence
Mortgage Payment Calculator
How much will my payment be?
Use this calculator to estimate how much your monthly payment will be. You can put in the purchase price and down payment to see how much a monthly payment will be with the above interest rates.3
Terms to know
APR
This stands for Annual Percentage Rate, which is the yearly cost of borrowing money or interest charged on a loan.
Closing Costs
This is the fees paid when buying or refinancing a home.
Down Payment
The amount of your home purchase that you will pay for with cash instead of your mortgage.
Equity
The portion of your home that you own.
Escrow
This is money held to pay for things like property taxes and homeowners insurance.
Prequalification
An estimate of how much you may be able to borrow.
Principal
The original amount borrowed on a loan.
Term
The length of time to repay a loan.
Down Payments and Closing Costs
Your down payment is the amount of your home purchase that you will pay for with cash instead of your mortgage, this is usually 10-20% of the purchase price. Some programs may be available to qualified borrowers for 0% down, lease contact one of our Mortgage Loan Officers to see what the best down payment option is for you. Typically your closing costs will be between 3-6% of your total loan and must be paid in cash. That said, closing costs vary by situation, state, and lender. To evaluate your closing fees, consider three categories:
| Third-Party Fees | Taxes and Other Unavoidable Costs | Lender Fees |
Third-party fees are paid to the person who performs the service. |
These fees are paid regardless of the lender you choose. |
These fees are retained by the lender and are used to provide you with the lowest rates possible. |
Note: This may not be an exhaustive list.
Planning Your First Home Budget
Whether budgeting is a new practice for you or you’ve been sticking to one for a while, looking to buy a home is a great time to reevaluate your finances and assess what you can afford. Even if you’re prequalified for a certain amount, that doesn’t mean you can afford a loan of that amount.
Take a look at your budget. How does your savings stack up to your discretionary purchases and fixed expenses? Is your budget in a place where you can take on additional expenses, or would your mortgage payment need to be about the same as what you're currently paying for rent?
You can calculate how much of a loan you can realistically afford based on current interest rates by using affordability calculators online. Be sure to factor in property taxes, homeowners insurance, and any additional costs like mortgage insurance or HOA dues. That being said, try not to get paralysis by analysis. Everyone's situation is different, from their credit score, debt to income, and financial situation. These calculators can be helpful but don't dwell on them too long before contacting our mortgage team. They'll be able to provide you with clearer answers than a calculator can.
First-Time Home Buyers in Idaho
It can be hard to know where to start as a first time home buyer. Check out our first time home buyer's guide to get the insight you need to start on the right path.
A first home purchase can involve several decisions before an offer is made. If you’ve been thinking about buying a home in Idaho but you’re not sure you’re ready, here are some signs that homeownership is the right next step for you.
1. You have a savings for a down payment
While there are several options for first time home buyers for down payments, having a savings for a down payment will make the process easier. Furthermore, once you purchase your home, you’ll find you will have additional expenses like improvements, furniture purchases, landscaping, and more that come up that you’ll need to pay for.
2. Your credit score is in good shape
Focusing on your credit score to make sure it’s in the good to excellent ranges will help you secure a better interest rate when you apply for your loan.
3. You’re planning to stay in the same place for a while
When you purchase a home, you also have to pay your closing costs, which you don’t get back. If you see yourself moving soon, you’ll just have to pay your closing costs again when you move.
4. You’re ready for the responsibility of homeownership
Owning a home is a big commitment. When you purchase a home, the reality is that you'll be taking on a large amount of debt that you'll have to commit yourself to making monthly payments towards. It’s not as easy to sell a home as it is to break a lease.
5 Steps to Buying Your First Home
1. Review your budget and savings
2. Learn about available mortgage options
3. Gather the financial and property information and get prequalified
4. Search for a home and submit a mortgage application or contact a mortgage specialist.
5. Review the loan terms and complete required closing steps
Why Work with P1FCU for Your First Home?
Local Mortgage guidance
You can set up an appointment with one of our Mortgage Loan Officers, check out our First Time Home Buyer's Guide or apply for a mortgage online.
Local and digital access
As a P1FCU member, you have access to P1FCU branches across Idaho and Washington, Video Banking, Digital Banking, and our member-support channels.
Member-focused service
With our member-owned structure and commitment to putting our members first, you will receive personalized, relationship-focused service.
Idaho and Local Mortgage Resources
Frequently Asked Questions
Who qualifies as a first-time homebuyer?
How much do first-time homebuyers need for a down payment?
What credit score do I need to buy a home?
What is mortgage prequalification?
A mortgage prequalification is an estimate of how much you may be able to borrow. When you apply for prequalification, you'll be asked for information about the type of property you might want to buy. You'll need to provide the location of your potential home, estimated property taxes and insurance, and what you think the purchase price will be. These are answers that can be changed later on in the application. For the most part, the loan officer processing your application just needs a starting point to give you numbers.
What closing costs should first-time buyers expect?
Typically your closing costs will be between 3-6% of your total loan and must be paid in cash. That said, closing costs vary by situation, state, and lender.
Does P1FCU offer first time homebuyer programs?
P1FCU does offer programs for first time homebuyers. The best way to find out what options are available is to contact one of our Mortgage Loan Officers.
Can P1FCU help me buy my first home in Idaho?
Yes, P1FCU can help first time homebuyers. The best way to find out what options are available is to contact one of our Mortgage Loan Officers.
How long does the mortgage process take?
On average the mortgage process takes 52 days.
Do I need to be a P1FCU member before applying?
In order to open a mortgage loan with P1FCU, you must be a member. To see if you're eligible for membership, visit Membership Eligibility.
Disclosures
Rates Section 1 Rate 1 Disclosure Rates Section 1 Rate 2 Disclosure Rates Section 1 Rate 3 Disclosure Rates Section 1 Rate 4 Disclosure Rates Section 2 Rate 1 Disclosure Rates Section 2 Rate 2 Disclosure
Rates Section 2 Rate 3 Disclosure
Rates Section 2 Rate 4 Disclosure
APR = Annual Percentage Rate. These rate offers are effective 09/14/2026 and subject to change. Rates displayed are the "as low as" rates for purchase loans and refinances. Rates are based on creditworthiness, loan-to-value (LTV), occupancy, and loan purpose, so your rate and terms may differ. All loans subject to credit approval. Rates are subject to change without notice.
1 The information provided assumes the purpose of the loan is to purchase a property, the property is located in Idaho, and is within Nez Perce County. The property is an existing single family home valued at $300,000 and will be used as a primary residence. An escrow (impound) account will not be established. Loans with a down payment of less than 20% may require mortgage insurance which could increase the APR and payment amount. Payment examples below include a 25% retention of equity in the property. The rate lock period is 45 days and the assumed credit score is 780 or greater.
A fixed rate loan for $225,000 for 30 years at 6.875% interest and 7.043% APR will have an estimated monthly payment of $1478.09.
A fixed rate loan for $225,000 for 15 years at 6.250% interest and 6.515% APR will have an estimated monthly payment of $1929.20.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval.
2The information provided assumes the purpose of the loan is to refinance an existing mortgage, with a loan amount of $225,000 and an estimated property value of $300,000. Payment examples below include a 25% down payment. The property is located in ID and is within Nez Perce county. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and the assumed credit score is 780 or greater.
A fixed rate loan for 30 years at 7.000% interest and 7.185% APR will have an estimated monthly payment of $1496.93.
A fixed rate loan for 15 years at 6.375% interest and 6.666% APR will have an estimated monthly payment of $1944.56.
Taxes and insurance not included; therefore, the actual payment obligation will be greater. All loans subject to credit approval.
3 Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy regarding your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.