We’ve seen what an important role essential workers in Idaho have played during the COVID-19 pandemic. Whether you are a law enforcement officer, firefighter, paramedic, nurse, doctor, teacher, retail employee, or a current or former member of the military, you’ve stepped up for all of us. Now, Idaho Housing and Finance Association wants to say thank for your hard work by helping you save money on a home. We call it the Idaho Heroes Loan Program.
The program, which uses no state or local tax dollars, provides a limited special reduced mortgage rate for essential workers so they can buy a home. The program includes down payment and closing cost assistance.
“We know how hard this past year has been for essential employees like first responders and teachers,” said Gerald M. Hunter, president of Idaho Housing and Finance Association. “We’d like to thank you by helping connect you to sustainable homeownership.”
The Idaho Heroes Loan Program is available only to homebuyers who are Idaho residents. The program cannot be used for refinancing an existing home. People interested in taking advantage of the program can work with any of Idaho Housing’s lending partners throughout the state. Simply ask your lender about this program or you can be referred to a lender.
Other features and details include:
- No first-time homebuyer requirement.
- Income limit level is $125,000 statewide, except Blaine County which is $135,000.
- Up to 7% of sales price of combined assistance available for down payment and closing cost assistance.
- MCC Tax Credit available to eligible first-time homebuyers and previous homeowners in targeted counties.
- Types of financing —FHA, VA, USDA/RD.
- Acceptable property types —single-family homes, townhomes, warrantable condos, manufactured housing.
“This program provides an affordable path to homeownership for people who have done so much for our communities,” said Susan Semba, Idaho Housing’s executive vice president of homeownership lending. “We encourage you to act quickly since funding is limited.”
The Idaho Heroes Loan Program is one of many programs by Idaho Housing and Finance Association to help Idahoans during the COVID-19 pandemic.
IHFA offers the Housing Preservation Program for Idaho renters who are unable to pay rent or utilities because of the COVID-19 pandemic.
IHFA provides free, HUD-approved housing counseling help Idahoans get their mortgage back on track after their forbearance period ends. Housing counseling helps people understand their options, including forbearance, as well as identifies solutions for their circumstances, and provides financial planning tools to keep them in their homes. For more information, go to backontrackidaho.org.