Boise Down Payment Assistance and First-Time Homebuyer Programs

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    Boise is one of the fastest growing cities in America, and for good reason. There’s great access to outdoor recreation, high quality of life, and relatively affordable cost of living. Young homebuyers are moving to The City of Trees for its unique mix of urban attractions and rural beauty.

    The average home price in Boise is over $450,000, so many first-time home buyers could need help to afford to buy in Boise. Luckily, there are several down payment assistance opportunities and home buyer programs that can help.

    Find up to $15,000 towards a home 🏠

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      If you take advantage of these programs, you could potentially buy your first home in Boise without spending months or years saving up for a down payment. 

      Down payment assistance programs in Boise

      Boise has its own home buyer programs and low down payment loans, and homes bought in Boise also qualify for statewide down payment assistance programs and national programs as well.

      City of Boise Homeownership Opportunity Program

      The City of Boise is committed to helping first time home buyers buy homes. Their City of Boise Homeownership Opportunity Program is an innovative collection of home ownership policies that support young home owners in Idaho.

      Assistance type: Deferred mortgage, subject to recapture on sale or transfer. Amount due is the original assistance times the cumulative rate of appreciation (future sales price divided by the original purchase price), limited to the Net Proceeds of the sale.

      Sponsor: City of Boise

      Assistance amount: Up to $45,000

      Purchase price limit: As established by agency guidelines

      Minimum borrower contribution: 0.5% of the purchase price

      Minimum credit score: As established by agency guidelines

      Eligibility requirements:

      • Income must be between 50% and 80% of Area Median Income
      • First lien must be a 30 year fixed rate mortgage
      • Buyers that have income from current employment with liquid assets in excess of a cash value of $35,000 will be required to invest assets above $35,000 toward the purchase of the home before receiving assistance
      • Maximum LTV is 100%
      • Maximum front-end DTI is 38% and maximum back-end DTI is 45%
      • Property must be in Boise city limits

      Find up to $15,000 towards a home 🏠

      Compare local down payment assistance and find a mortgage, fast.

      Where do you want to buy?
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        Statewide down payment assistance programs available in Boise

        If you’re looking to buy in Boise, you can also take advantage of statewide Idaho-based programs to buy your new home and save on your down payment and closing costs.

        Idaho HFA Standard Affordable Housing: Forgivable Loan

        Assistance type: Forgivable Loan. Tiered forgiveness of 10% per year and fully forgivable at the end of year 10. Tiered interest rate.

        Sponsor: Idaho Housing and Finance Association

        Assistance amount: Up to 3% of the lesser of the purchase price or appraised value

        Purchase price limit: As established by agency guidelines

        Minimum borrower contribution: 0.5% of the purchase price

        Minimum credit score: As established by agency guidelines

        Eligibility requirements:

        • Borrower must be a first time home buyer
        • Available for purchase loans only
        • Finally Home! Homebuyer Education is required
        • Any unforgiven balance will be due and payable upon sale or refinance

        Idaho HFA Standard Affordable Housing: 15 Year Second Mortgage

        Assistance type: 15 year fixed rate loan. Interest rate is 2% more than the rate on the first mortgage

        Sponsor: Idaho Housing and Finance Association

        Assistance amount: Up to 7% of the lesser of the purchase price or appraised value

        Purchase price limit: As established by agency guidelines

        Minimum borrower contribution: 0.5% of the purchase price

        Minimum credit score: As established by agency guidelines

        Eligibility requirements:

        • Available for purchase loans only
        • Finally Home! Homebuyer Education is required
        • Cannot exceed the maximum LTV / CLTV approved by mortgage insurance

        Idaho HFA Standard Affordable Housing: Heroes 15 Year Second Mortgage

        Assistance type: 15 year fixed rate loan. Interest rate is 2% more than the rate on the first mortgage

        Sponsor: Idaho Housing and Finance Association

        Assistance amount: Up to 7% of the lesser of the purchase price or appraised value

        Purchase price limit: As established by agency guidelines

        Minimum borrower contribution: None

        Minimum credit score: As established by agency guidelines

        Eligibility requirements:

        • Available for purchase loans only
        • Finally Home! Homebuyer Education is required
        • Cannot exceed the maximum LTV / CLTV approved by mortgage insurance

        National down payment assistance programs and grants you can use in Boise

        Whether you’re purchasing a home in Boise, or elsewhere in the US, you might be eligible for down payment assistance sponsored by the National Homebuyer Fund. We’ve included details about the program below. 

        NHF Down Payment Assistance Program

        The NHF Down Payment Assistance Program provides a down payment assistance loan which can be forgiven if the home is your primary residence for a certain number of years. The number of years required to forgive the loan is determined at closing.

        Assistance type: Forgivable loan

        Sponsor: National Homebuyer Fund

        Assistance amount: up to 5% down payment, no fixed maximum

        Purchase price limit: Flexible, based on buyer’s income

        Minimum borrower contribution: None 

        Eligibility requirements: 

        • Credit (FICO) score of 600 or higher
        • Income limit: 115% of median income in area where home is purchased

        In addition to the National Homebuyer Fund, you could potentially qualify for a lender-sponsored assistance program through one of the nation’s largest banks. These programs vary from lender to lender. Stairs Financial does not endorse any single lender-sponsored DPA program over the next.  

        Find up to $15,000 towards a home 🏠

        Compare local down payment assistance and find a mortgage, fast.

        Where do you want to buy?
          Search by ZIP code, address, city, county, or neighborhood
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