Idaho Housing and Finance Association and Down Payment Assistance

The Idaho Housing and Finance Association (IHFA) is a state-chartered agency in Idaho that aims to facilitate affordable housing options and promote financial stability for residents. It provides various services such as mortgage lending, rental assistance programs, affordable housing development, and financial education. IHFA plays a crucial role in supporting individuals and communities in Idaho by offering resources and programs to improve housing accessibility and affordability.

Idaho Housing has several homeownership programs that offer down payment assistance. Here’s a breakdown of the programs and how they might be able to help you buy a home.

There are three down payment assistance options from Idaho Housing: 15 year Second Mortgage, Idaho Heroes 15 Year Second Mortgage and Forgivable Loan. In the next section, we’ll breakdown the qualifications and benefits for these programs.

Idaho Housing Forgivable Loan

The Idaho Housing down payment assistance forgivable loan is a great option for down payment and closing cost assistance for Idaho home buyers. Furthermore, in certain situations, you can combine this forgivable loan with an Idaho Housing Second Mortgage.

Here we will breakdown everything you need to know to explore the Idaho Housing Forgivable Loan, including who qualifies, what the benefits are, and how to get started.

What are the terms of the Idaho Housing Forgivable Loan?

The Idaho Housing Forgivable Loan is a forgivable loan with tiered forgiveness of 10% per year. Additionally, your first loan interest rate will increase by 0.25% for every 1% of assistance used. If you use an Idaho Heroes loan, you can cut this in half.

What’s the maximum amount of down payment assistance?

The maximum amount of forgivable loan is 3% of the sales price or appraised value, whichever is less.

Can I combine the forgivable loan with an Idaho Housing second mortgage?

Yes, as long as you use the Idaho Heroes second mortgage or if you are a first time home buyer. The combined assistance must be less than 10%.

Is home buyer education required for the Forgivable Loan?

Yes, Finally Home! Homebuyer Education is required.

What is the minimum buyer contribution for the Forgivable Loan?

Buyers have contribute at least 0.5% of the purchase price of their own funds to use the 15 Year Second Mortgage.

How do I see if I qualify for the Forgivable Loan?

Stairs Financial can help you find a lender to see if you qualify for Idaho Housing 15 Year Second Mortgage and many other home buyer programs with down payment assistance and other benefits for home buyers.

Idaho Housing 15 Year Second Mortgage

Idaho Housing’s 15 year second mortgage is designed to help Idaho home buyers with down payment and closing costs. There is no first time buyer requirement, so many buyers could be eligible.

What are the terms of the Idaho Housing 15 Year Second mortgage

This is a 15 year fixed rate loan. The interest rate is two points higher than the interest rate of the first mortgage.

What is the maximum amount of the down payment assistance?

The maximum benefit for the Idaho Housing 15 Year Second Mortgage is 7% of the sales price or appraised value–whichever is less. However, this cannot exceed the maximum combined loan to value approved by the mortgage insurer.

Is home buyer education required for the 15 Year Second Mortgage?

Yes, Finally Home! Homebuyer Education is required.

What is the minimum buyer contribution for the 15 Year Second Mortgage?

Buyers have contribute at least 0.5% of the purchase price of their own funds to use the 15 Year Second Mortgage.

How do I see if I qualify for the 15 Year Second Mortgage?

Stairs Financial can help you find a lender to see if you qualify for Idaho Housing 15 Year Second Mortgage and many other home buyer programs with down payment assistance and other benefits for home buyers.

Idaho Heroes 15 Year Second Mortgage

Idaho Heroes 15 year second mortgage is designed to help Idaho home buyers who work in certain professions with down payment and closing costs. Eligible professions include nurses, teachers and first responders. There is no first time buyer requirement, so many buyers could be eligible.

What are the terms of the Idaho Heroes 15 Year Second mortgage

This is a 15 year fixed rate loan. The interest rate is two points higher than the interest rate of the first mortgage.

What is the maximum amount of the down payment assistance?

The maximum benefit for the Idaho Housing 15 Year Second Mortgage is 7% of the sales price or appraised value–whichever is less. However, this cannot exceed the maximum combined loan to value approved by the mortgage insurer.

Is home buyer education required for the Idaho Heroes 15 Year Second Mortgage?

Yes, Finally Home! Homebuyer Education is required.

What is the minimum buyer contribution for the Idaho Heroes 15 Year Second Mortgage?

There is no minimum borrower contribution for Idaho Heroes.

How do I see if I qualify for the Idaho Heroes 15 Year Second Mortgage?

Stairs Financial can help you find a lender to see if you qualify for Idaho Housing 15 Year Second Mortgage and many other home buyer programs with down payment assistance and other benefits for home buyers.