Innovative Strategies to Purchase a Boise Home | Boise Home Purchase Info

Innovative Strategies to purchase a Boise Home

Look into city, county, state, or national assistance programs for down payment.

Read about these programs available in Idaho.

Seller financing.

Sometimes, sellers may be eager to pay most or some part of the purchase price and let you to pay that amount back bit by bit, just like a buyer would do if they used a mortgage loan to purchase the home.

Consider a shared-equity agreement.

In a shared-equity agreement, another person (ie. family member or friend) might buy part of the home and then share in the appreciation whenever the home is sold. The owner/occupant typically pays the monthly expenses like mortgage, taxes, and any maintenance expenses, however all of the investors' names remain on the loan.

A family member may help.

If possible, a family member can lend you some of the funds for your down payment or co-sign on the loan. If you have little credit, some lenders prefer you have a co-signer.

Lease-option purchase.

You may lease a home for a year or more in order to save down payment funds. In some cases, owners will apply a portion of the monthly rent toward the purchase prices. Typically, there is a fee upfront for this option.

Short-term 2nd mortgage.

Some borrowers may qualify for a second mortgage. If you’re in a great financial position with stable income and very little other debt, this may be an option for you.

Due to different program requirements, it's best to speak with a local Boise lender about these types of assistance in purchasing your home.