Idaho Housing and Finance Association (IHFA) Programs:
Idaho Housing First Loan:
Eligibility: First-time buyers (no homeownership in past 3 years) or those in targeted areas.
Offerings: 30‑year fixed-rate mortgage (FHA, VA, USDA, conventional or tax-exempt) at competitive rates; can be paired with down payment assistance.
Requirements:
- Income must not exceed county limits (e.g., ~$115,000 in Ada County for 1–2 people in 2025). View 2025 income & price limits.
- Credit score ≥ 620 (640 for conventional loans).
- Debt-to-income capped at 45% (50% with higher scores).
- Homebuyer education required. Learn about IHFA's educational courses.
Second Mortgage Down Payment Assistance:
Benefits: Up to 7% of purchase price (max $15,000) in DPA—choose either:
- 7% interest, 15-year second mortgage, or
- Matching forgivable loan (0% interest) with slightly higher first mortgage rate.
Forgivable Loan Program (“Heroes” Option):
Description: Available to teachers, first responders, healthcare workers, veterans, and active-duty military. Same terms as above, but the 0.5% borrower contribution is waived; rate add-on is reduced to 0.125%. Details on Heroes program.
Tax‑Exempt Loan Program:
Description: IHFA reinstated tax‑exempt mortgage revenue bond loans effective March 2025, offering below-market rates for first-time homebuyers. Program Bulletin 2025‑1.
Local Programs:
Boise
Boise City DPA: Up to $15,000 0% interest deferred loan (due on sale/refinance) for buyers ≤ 80% AMI (e.g., $66,150 for family of four).
Idaho Falls
Idaho Falls Homebuyer Program: Up to $10,000 forgivable after 5 years; reset income caps at ≤ 80% AMI.
Coeur d’Alene
North Idaho Housing Coalition DPA: Up to $20,000 0% interest deferred loan for buyers ≤ 100% AMI (e.g., ~$82,700 for family of four in Kootenai County).
Additional Information:
- Mortgage Credit Certificate (MCC): Tax credit up to 35% of mortgage interest (max $2,000) when using IHFA; $800 fee applies.
- USDA & VA Loans: Zero-down options in rural Idaho or for veterans.
- FHA Loans: 3.5% down (credit ≥ 580; 10% if below).
View First‑Time Home Buyer Programs for: Illinois