Idaho Down Payment Assistance Programs

Idaho down payment assistance
Idaho down payment assistance

Idaho down payment assistance programs are administered by its Housing and Finance Association through two programs to wouldbe homeowners who are unable, due to low or middle incomes, to come up with down payment monies and/or those related to closing costs. The program name and the conditions under which it may be received is listed below:

HOME is another of the Idaho down payment assistance programs which offers zero percent interest deferred loans that are payable upon non-occupancy or sale of the home. If a borrower’s total household income amounts to less than 80 percent of the area’s median income they may qualify for this program. Additional requirements include: The borrower’s assistance can range from a minimum of $ 1,000 to a maximum of 3.5 percent of the home’s purchase price. All of these costs can be no more than a total of $ 8,000. The level of assistance available is based on the borrower’s income and the average median income of the area where the home is located. Occupancy is required to receive benefits from the program. The amount of the total cash loan is due on the sale of the property. The borrower must make a minimum initial investment of at least $ 500. Prior to occupancy, the home must have been vacant or occupied by the owner.

If a homebuyer’s annual income totals no more than $ 90,000, they may qualify for Idaho’s Good Credit Rewards, which gives them assistance with a 10-year, fixed rate down payment and closing costs. Borrowers must have a second mortgage and good credit–a score of 700 or higher–to qualify. Additional requirements include: Second mortgage cannot exceed 3.5 percent or $ 8,000, whichever is less. The borrower must make a minimum initial investment of at least $ 500. FHA standards must be met to qualify for this program. Rewards are based on need. Liquid assets are limited to three months of income or $5,000, whichever is greater.

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No Down Payment Mortgages – mortgages that require no down payment

USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.

VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.

 

Low Down Payment Mortgages – mortgages that require up to 3.5% down payment

FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.

Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.

The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.

Idaho Down Payment Assistance Programs

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.

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.

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.

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.


HUD Programs

The US Department of Housing and Urban Development (HUD) offers the following programs:

Good Neighbor Next Door Program

The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.

To learn more about the Good Neighbor Next Door Program, click here.

Section 184 Loan – The Indian Home Loan Guarantee Program

The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.

Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.

To learn more about Section 184, click here.

Idaho Housing Agencies

Idaho housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.