Home financing in Power County.

Home financing means borrowing money to buy, build, or improve a home — and repaying it over time, usually through a monthly mortgage payment. The loan is secured by the property itself, meaning the lender holds a legal claim on the home until the loan is fully paid.

In Power County, most home purchases involve one of these loan types:

• **Conventional loans** — offered by banks and credit unions, typically requiring a credit score of 620 or higher and a down payment of 3–20%.

• **FHA loans** — backed by the Federal Housing Administration, allowing down payments as low as 3.5% and credit scores as low as 580. A good entry point for first-time buyers.

• **USDA Rural Development loans** — because most of Power County qualifies as rural, many buyers here can access zero-down-payment loans through the USDA Single Family Housing program. This is a major advantage locals should not overlook.

• **ITIN loans** — for buyers who do not have a Social Security Number, some lenders accept an Individual Taxpayer Identification Number (ITIN) instead. These are real mortgage products, not payday loans.

• **Owner financing / contract for deed** — sometimes used in rural areas, where the seller acts as the lender. These carry special risks and are covered in the 'What to Avoid' section.

Regardless of loan type, the goal is the same: a stable monthly payment you can manage, building equity in a home that belongs to you.

Power County's economy runs on agriculture, food processing (the Lamb Weston potato plant in American Falls is the county's largest private employer), and small service businesses.

Many residents are seasonal or contract workers, self-employed, or have income that doesn't fit a standard W-2 pay stub.

That's normal here, and local lenders who know this market are used to working with non-traditional income.

**General eligibility factors lenders look at:**

- Credit history (but not always a high score — some programs accept thin or no traditional credit)

- Income stability over the past 12–24 months

- Debt-to-income ratio (your monthly debts vs. your monthly income)

- Down payment and reserves

- Legal residency or valid ITIN (for ITIN loan products)

**Specific situations common in Power County:**

• **Farmworkers and seasonal employees** — Lenders familiar with agricultural counties can use seasonal income averaged over two years. Keep your tax returns.

• **Self-employed contractors** — Two years of self-employment tax returns (Schedule C or Schedule F for farm income) are typically required. A profit-and-loss statement may help.

• **ITIN holders** — You do not need to be a U.S. citizen or permanent resident to buy a home. ITIN mortgage products exist. You'll need 12–24 months of ITIN tax filings.

• **Low-to-moderate income buyers** — Power County's median household income is modest. USDA and Idaho Housing programs are designed exactly for this income range and should be your first stop.

If you've been told you 'don't qualify,' get a second opinion from a CDFI or a HUD-approved housing counselor before giving up.

Gathering your paperwork before you apply saves time and stress. Every lender is different, but here is a solid starting list for Power County buyers:

**Identity & Residency**

- Government-issued photo ID (passport, consular ID / matrícula consular, or driver's license)

- Social Security Number OR ITIN letter from the IRS

- Proof of residency (utility bill, lease, or bank statement with current address)

**Income Verification**

- Last 2 years of federal tax returns (all pages, including schedules)

- W-2s or 1099s for the past 2 years

- Recent pay stubs (last 30 days) if employed

- Profit-and-loss statement if self-employed

- Documentation of any additional income (child support, rental income, farm subsidies)

**Assets & Savings**

- Bank statements for the past 2–3 months (all pages)

- Statements for any retirement or investment accounts

- Gift letter if part of the down payment is a gift from family

**Property**

- Purchase agreement or address of the home you want to buy

- Any information about the well and septic system (very common in rural Power County — lenders will require inspection)

**Tip:** If your income comes in cash — common in agriculture — work with a tax preparer to document it properly on your returns. Undeclared income cannot be used by lenders, no matter how real it is.