Down Payment Path

Down Payment Assistance Programs in Idaho

Idaho provides a range of down payment assistance programs to help homebuyers manage upfront costs. These programs are designed to assist a wide audience, making homeownership more achievable for both first-time and repeat buyers across the Gem State.

Idaho Housing and Finance Association (IHFA) Down Payment Assistance

The IHFA Down Payment Assistance Program offers financial aid to cover down payments and closing costs for eligible buyers.

  • Provides up to 7% of the home’s purchase price as a second mortgage.
  • Offered with low interest rates and repayment terms of 10 years.
  • Available to buyers who qualify for an IHFA first mortgage.
  • Income and purchase price limits apply, but they accommodate a broad range of buyers.

First Loan Program

The First Loan Program, administered by IHFA, offers affordable financing options for homebuyers.

  • Available to first-time and repeat buyers.
  • Pairs with down payment assistance programs for added affordability.
  • Supports FHA, VA, USDA, and conventional loan types.
  • Income limits vary by location and household size.

USDA Rural Development Loans

For buyers in Idaho’s rural areas, the USDA Rural Development Loan offers affordable financing with no down payment required.

  • Open to low- and moderate-income buyers in USDA-eligible areas.
  • Can be combined with other assistance programs to cover closing costs.
  • Flexible credit requirements and competitive interest rates make it accessible.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate program helps reduce the cost of homeownership by offering tax savings.

  • Allows buyers to claim a federal tax credit for a portion of their annual mortgage interest.
  • Can be combined with IHFA and other down payment assistance programs.
  • Income and purchase price limits apply.

Local City and County Assistance Programs

Many cities and counties in Idaho provide additional down payment assistance programs tailored to local needs.

  • Programs in areas like Boise, Meridian, and Coeur d'Alene offer grants or low-interest loans for down payments and closing costs.
  • Some initiatives provide enhanced benefits for public service workers or residents buying in specific neighborhoods.
  • Eligibility criteria and assistance amounts vary by location.

Idaho’s down payment assistance programs aim to reduce the financial barriers of homeownership and make purchasing a home more affordable. Whether you are buying your first home or upgrading, these resources can help you achieve your dream of owning a home in the Gem State.