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Idaho First-Time Homebuyer Programs

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It can be overwhelming to consider everything that comes along with taking the path to first-time homeownership. Along with the house hunting, there’s a lot of paperwork to wade through, and the upfront costs can be high. In short — it’s complicated.

Help is available, however. If you’re an Idaho resident, you have access to a range of assistance programs for prospective homebuyers through state- and city-level programs.

In this article, we will cover:

Idaho first-time homebuyer programs

The Idaho Housing and Finance Association offers several programs targeting first-time buyers, including down payment and closing cost assistance, low-interest loans and good-credit rewards. The City of Boise also offers special programs for first-timers looking to purchase within the city limits.

In January 2019, we researched current information on first-time homebuyer programs in Idaho, which included reviewing the Idaho Housing and Finance Association guidelines. Here’s what first-time homebuyers in Idaho need to know.

You can check current mortgage rates for the state of Idaho area here.

Idaho Housing home loan

Features

  • Low mortgage rates
  • Low (or no) mortgage insurance
  • Up to $2,000 in tax credits annually
  • Down payment and closing cost assistance

Eligibility

  • Income up to $90,000 per year
  • Minimum middle credit score of 620
  • Homebuyer education may be required for first-time homeowners
  • Some fees applicable

How it works

The Idaho Housing and Finance Association website has a form that you can use to quickly check your eligibility and calculate your estimated loan rate. Once you find that you’re eligible, you’ll be connected to a list of qualified Idaho lenders that can help you get the ball rolling on securing your home loan.

Learn More

IHFA second mortgage

Features

  • Can be used for down payment or closing cost assistance for up to 3.5% of sales price
  • 5% fixed rate over 10 years
  • Low monthly payments

Eligibility

  • Minimum credit score of 680
  • Homebuyer education required for first-time buyers
  • Must contribute 0.5% of own money to the sales price

How it works

Check your eligibility and get more information here. You can call 1-866-432-4066 or email [email protected] to ask more questions about the program. A qualified Idaho lender can help you secure this loan.

Learn More

IHFA forgivable grant

Features

  • Maximum of 3.5% of the sales price, forgivable over seven years
  • A lien will be placed on the residence
  • Can be used on refinances
  • Forgivable after seven years

Eligibility

  • Must contribute 0.5% of sales price to the transaction
  • Homebuyer education required for first-time buyers

How it works

Check your eligibility and get more information here. You can call 1-866-432-4066 or email [email protected] to ask more questions about the program. A qualified Idaho lender can help you secure this grant.

Learn More

IHFA homebuyer tax credit

Features

  • Up to $2,000 in mortgage interest paid each year
  • Tax credit reduces amount of income tax due
  • Unused tax credit can be carried over for up to three years
  • Can be used with Idaho Housing loan
  • Tax credit is available for the life of the loan

Eligibility

  • First-time buyer requirements apply in certain areas
  • Household income limits apply
  • Residence must be owner-occupied

How it works

There is a $300 fee for borrowers. If you are eligible for this credit, your qualified Idaho lender will help secure this for you when you finalize your mortgage loan. For more information on applying for this program, go here.

Learn More

City of Boise housing loans

Features

  • Loans for up to 25% of the purchase price for homes in Boise city limits
  • Funds on a first-come, first-served basis
  • Available for construction of new homes or purchase of existing homes

Eligibility

  • Must meet income guidelines determined by the U.S. Department of Housing and Urban Development
  • Must receive a commitment letter from a lender
  • Property must be located within Boise city limits
  • Loan will have a prepayment penalty, not to exceed 15 years

How it works

Your first step is to find a qualified mortgage lender to work with. Once you receive a commitment letter from the lender, you can fill out an application. Make sure to check the income guidelines to see if you qualify.

Learn More

National first-time homebuyer programs

Many first-time homebuyers in Idaho can benefit from national programs, including FHA, USDA and VA loans. For more information on national first-time homebuyer programs, check out our guide to federal programs.

 


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