A Solid Foundation for Homeownership

Buying a home can seem like a daunting task these days. With high mortgage rates and soaring home values, it’s easy to feel homeownership is out of reach. However, one of Idaho Housing and Finance’s newer programs, Financial Foundations, is designed to help first-time buyers accomplish their financial goals, while increasing their homeownership opportunities. It made a believer out of Carson. 

Carson, his wife Annie, and their two children were living in the Diamond Court Apartments in Chubbuck. Owning their own home was always the goal, but the couple wasn’t sure they had the finances in place to buy. When they first received an email explaining Idaho Housing and Finance’s Financial Foundations program, Carson was skeptical. 

“I was like, this sounds way too good to be true. But we wanted to buy a home, so I thought I should apply and try to earn some money for a future down payment.” 

The program was, in fact, very real. Financial Foundations is open to people living in properties owned or operated by The Housing Company. Any resident with the willingness to actively improve their financial stability through goal setting can earn up to $8,000 to help cover the costs of buying a home or other debts and expenses. 

Carson and his wife connected with Shara, who oversees the Financial Foundations program, and the three got to work. The couple chose five goals, aimed at increasing their savings and credit score while lowering their debt. To prepare for homeownership, they took one of Idaho Housing’s nationally recognized courses, Finally Home!.   

“If you’re not as familiar with the personal finance stuff and whatnot, it teaches you how to make a budget,” said Carson. “It’s definitely worthwhile.” 

When they were finished with the program, Carson and his wife had $6,000 in additional money to put towards their new home in Iona, Idaho. They used it to buy down their interest rate, making their monthly payment more affordable. On closing day, Shara was there to celebrate the milestone with them. 

“They were extremely grateful,” recalls Shara. “They were able to purchase a home where they have a fenced back yard so their young children can play.” 

Their new home is not just a dream come true — it’s practical too. Living closer to work means Carson will spend less time commuting and more time with his family.

Learn how this program can help you or someone you know by checking out our Financial Foundations page.