Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas of Idaho.
Benefits: Offers up to 7% of the purchase price (max $15,000) as a second mortgage at 5% interest, repayable over 10 years; combinable with IHFA First Loan.
Description: Provides up to 3.5% of the purchase price as a 0% interest, forgivable second loan (forgiven after 7 years); designed for first-time buyers with moderate incomes.
Boise City Down Payment Assistance: Offers up to $15,000 as a 0% interest, deferred loan (due on sale or refinance) for first-time buyers in Boise; income must not exceed 80% AMI (e.g., $66,150 for a family of four).
Idaho Falls First-Time Homebuyer Program: Provides up to $10,000 as a forgivable loan (forgiven after 5 years) for down payment and closing costs; targets first-time buyers with incomes up to 80% AMI in Idaho Falls.
North Idaho Housing Coalition DPA: Offers up to $20,000 as a 0% interest, deferred loan (due on sale or refinance) for first-time buyers; income must be at or below 100% AMI (e.g., $82,700 for a family of four) in Kootenai County.
Idaho Housing and Finance Association (IHFA) Programs:
Idaho Housing First Loan:
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) at competitive rates; can be paired with down payment assistance.
Requirements:
Second Mortgage Down Payment Assistance:
Eligibility: Must use an IHFA First Loan; income and purchase price limits apply (e.g., $424,100 for a single-family home in non-targeted areas).
Forgivable Loan Program:
Requirements: Must pair with an IHFA First Loan; same income and purchase price limits as Second Mortgage DPA.
Local Programs:
Boise
Idaho Falls
Coeur d’Alene
Additional Information: