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"Homeownership is always in reach," says Randi Beachy, mortgage loan originator at First Federal Bank. "It's just about setting up a plan and knowing where you need to get to."

For Randi, who has spent five years building relationships with customers and guiding their financial decisions, those words aren't just encouragement—they're proven through programs like the recent Rate Relief opportunity, offered by Federal Home Loan Bank (FHLB) of Des Moines, that make homeownership accessible to more Idaho families.

Through First Federal's long-standing relationship with the FHLB, the Rate Relief program offered qualifying borrowers mortgage rates approximately one and a half percent below market rate. For income-qualifying families, that translated into significantly lower monthly payments and increased purchasing power.

"Idaho is really an expensive state to live in as far as affordability," Randi explains. " Rate reduction programs are huge and make it possible for families to have a lower monthly payment."

From Living with Relatives to First-Time Homeowners

Randi recently worked with a couple who had been living with relatives and decided it was time to purchase their own home. After exploring options with multiple lenders, they discovered they qualified for Rate Relief—and the results exceeded their expectations.

"When we talked about the program, it definitely looked like something they would qualify for," Randi recalls. "We were able to combine the Rate Relief program with Home Start grant funds, also offered through the FHLB, for their 5% down payment, plus some seller credit to help with mortgage insurance."

The outcome? The couple was able to purchase their home with less than $2,000 out of pocket while securing a monthly payment much lower than anticipated.

"They were very excited to qualify for this lower rate," Randi says. "It definitely motivated them to find a house and go under contract so that we could get the rate locked in."

Several Paths to Home Ownership

First Federal offers a comprehensive suite of homeownership assistance programs. These include down payment assistance through Idaho Housing, FHA and USDA loans, and various grant programs.

"We really offer it all here at First Federal," Randi notes.

For anyone considering homeownership, Randi's advice is simple: start the conversation. “I strive to communicate and to make sure that you are aware of every step of the way in our mortgage process, and want you to have a good experience here with us for all of your banking needs, not only for purchasing your home. We want you to establish roots with our bank … we really just want to be the one stop for you.”

*Grant programs are subject to additional qualifications and availability of funds. See https://www.bankfirstfed.com/lending/home-loans/affordable-down-payment-options.html for more information on homeownership assistance programs.

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