For prospective first-time homebuyers, owning a Treasure Valley home went from feasible to seeming like a pipe dream in just a decade. But now, Boiseans who have spent years scared away from buying their first home might have a shot at entering the market.
Talk About It
Buying a home is a daunting task, and you need people in your corner — whether you’re paying them to help you or not. City Cast Boise spoke with HomeFound Group realtor Tom Wheeler, who encouraged potential buyers to consult with a real estate agent well before the buying process.
“Even if they decide to continue to rent, they [have] a better understanding of how to make [their] credit a little bit better, where to put some money away, and things like that,” Wheeler said.
In June, Wheeler made headlines for co-founding Canyon County Pride. It’s a different kind of work, but he said that selling homes to LGBTQ+ people and other groups frequently shut out from the market is a passion he and other realtors often share.
“[Idaho] is not a tenant-friendly state … there's a lot of challenges when you're a renter,” Wheeler said. “And so when you make that transition to home ownership, there's just a psychological shift in how you feel safe and secure, and also how you partake civically within the community.”
Home Buying Programs and Resources
NeighborWorks Boise is one of the most well-equipped local groups for connecting prospective home buyers to solutions. The nonprofit has a bit of everything, from a home hub and educational courses to Pocket Neighborhoods and down payment assistance programs.
Another local resource is LEAP Housing’s homeownership program Yes You Can. The program acts as a connection between buyers and real estate agents, providing financial education, counseling, and interpretive services for Swahili, Arabic, and Spanish speakers. Yes You Can encourages anyone confused about the buying process to reach out.
One easy way to get a realtor’s ear is through a free, public class. Hops ‘n Homes hosts free classes for first-time buyers once a month at Payette Brewing (hence the “hops”). Each seminar is designed to educate before jumping into a decision about whether to keep renting or officially start the buying process. Their next class is on Sept. 19.
Every realtor, bank or credit union, and assistance service should connect you with governmental resources, but here are a few to cross-reference:
- The State of Idaho’s first-time home buyer savings account.
- The City of Boise’s Homeownership Opportunity Program (which requires a referral from either LEAP or NeighborWorks, mentioned above).
- Boise City/Ada County Housing Authorities (BCACHA).
Final Tips From a Realtor
Here are a few of Wheeler’s local tips to think about as you connect to a resource or service:
- Talk to a licensed real estate agent, even if you aren’t sure you can afford to buy yet. He works with clients to look at their credit, down payment options, and suggests options for getting pre-approved by a bank.
- Don’t assume you can’t buy without a ton of money saved for a down payment. There’s lots of low down payment options for first time homebuyers, including a 0% down program called Idaho Heroes through the Idaho Housing and Finance Association that helps teachers, nurses, and first responders.
- Location, location, location! If you’re open to living in Canyon County, you can save a lot of money and get a bigger home.
- If you’re set on living in Boise, there are still areas where finding a single family home under $400,000 is possible. Check out neighborhoods in West Boise, the Bench and Southwest Boise.
- When you talk to a real estate agent, ask for them to break things down by monthly payments so you can compare what you’re paying in rent and fees to what it would cost per month to buy.
