East Idaho credit unions launch no down payment mortgage program

IDAHO FALLS, Idaho (KIFI)– As affordability remains a challenge for many, the East Idaho Mortgage Program offers a new way to buy a home for first-time homebuyers. Several credit unions across East Idaho have partnered to introduce a new mortgage program that requires no down payment, designed to make homeownership more obtainable.

The program originally began in Tucson, Arizona, originally called the 'Welcome Home' Program.

"We have mirrored that program very similarly to impact the communities in the same way they have," Adam Stewart, Chief Lending Officer of Frontier Credit Union, said.

According to the GoWest Foundation, the group brought together credit unions serving East Idaho to examine the challenges facing home affordability across the region. As a result, four credit unions in the region, Connections Credit Union, Frontier Credit Union, ICCU, and Westmark Credit Union, have joined forces to launch a 100% financing mortgage program aimed at first-time homebuyers.

The East Idaho mortgage program is set to have these features for first-time homebuyers:

• No down payment requirement
• No private mortgage insurance requirements
• No origination fees
• Interest rate pricing comparable to conventional 30-year fixed mortgages

"The program was created initially to help with the affordability issues we find throughout the nation, but especially in Idaho as it relates to middle to lower income individuals purchasing their first home," Stewart said.