First Loan Products These loans are only for first time FHA and VA Idaho borrowers who fall within state specified income and purchase price limits. These loan products, which offer gifts and second mortgage loans to cover the Idaho down payment, cannot be paired with the Home buyer Tax Credit Program.
HOME Down Payment Closing Cost (DPCC) Assistance Program Idaho borrowers with household incomes of less than 80 percent of the median price in their area can get a 0 percent interest deferred loan for Idaho down payment and closing cost assistance. Assistance ranges from $1,000 to 3.5 percent of the purchase price up to $8,000. This Idaho down payment program cannot be combined with IHFA gift programs or other IHFA second mortgage programs.
Preferred Loan Products This Idaho down payment program is lifted from this set of programs: the HFA Preferred Lo MI Program and the HFA Preferred Risk Share No MI Program. These two programs can be paired with the Home buyer Tax Credit Program. Within these programs, Idaho borrowers can either receive rebates (in exchange for a higher interest rate) which they can put towards the Idaho down payment, or buy Idaho down their rate to facilitate a lower monthly payment.
Good Credit Rewards Program A 10 year fixed rate second mortgage for Idaho down payment and closing costs assistance is available to home buyers with incomes of no more than $90,000. Idaho borrowers get the second mortgage at 2 percent above Idaho Housing’s standard interest rate. Idaho borrowers with credit scores below 700 do not qualify.
Advantage Loan Products The Advantage program contains a series of loans for different audiences (FHA/VA/RD, manufactured housing, 30, 20 and 15 year conventional loans, and FHA 203(k)) that allow Idaho borrowers who can be repeat buyers who meet income limits to either receive rebates which they can put towards the Idaho down payment or closing costs, or buy Idaho down their rate to facilitate a lower monthly payment. For the manufactured loans, the credit score requirement and interest rates are both higher.
Home buyers in Idaho get $25,000 down payment assistance through the Pocatello Neighborhood Housing Services Home Ownership Program.
PHONE: (208) 232-9468
The Idaho Housing Authority offers down payment assistance programs to local residents. To see what kind of Idaho down payment programs are offered by Idaho Housing Authority, visit their website: www.ihfa.org.
Idaho Housing and Finance Association
P.O. Box 7899
Boise, ID 83707-1899
PHONE: (208) 331-4889
The Boise City/Ada County Housing Authority offers down payment assistance programs to local residents. To see what kind of Idaho down payment programs are offered by Boise City/Ada County Housing Authority, visit their website: www.bcacha.org.
Home buyers in Idaho get $25,000 down payment assistance through the Idaho Neighborhood Housing Service of Boise Down Payment Assistance.
PHONE: (208) 343-4065