Idaho Down Payment Assistance
Idaho has a fast-growing population, as more and more people move there to enjoy it's beautiful countryside! This increased competition and rising real estate prices can make home ownership in Idaho difficult, however.
Luckily, local and national programs exist that offer down payment assistance and grants to qualified applicants. The Idaho Housing and Finance Association is one organization that offers such programs.
If you're thinking about purchasing a home in Idaho, you may have options to help with the down payment or closing costs. Read below to learn more about any program and see if it can help with your home purchase!
The Idaho Housing and Finance Association’s Good Credit Rewards Program offers down payment and closing cost assistance to eligible applicants. Assistance is offered based on need.
Applicants can receive up to $8,000 in assistance (or 2.5% of the loan amount – whichever amount is smaller). This is a second mortgage with a 10-year term. The interest rate for this loan is 2% higher than Idaho Housing’s standard interest rate.
If the borrower has an Advantage or Preferred first mortgage, their credit score must be no less than 680. If the borrower has a First Loan, their credit score must be no less than 640. If both applicants on the loan are first-time homebuyers, at least one of them will have to finish a Finally Home!® Homebuyer Education class, which offers information about budgets, credit, closing, and other topics.