Down Payment Assistance for Idaho Homebuyers

Down payment assistance reduces the amount of upfront cash you need to purchase a home, allowing you to sustain a savings and start homeownership with money in the bank necessary for successful homeownership. Additionally, most down payment assistance programs, including Idaho Housing’s, require the borrower to take a homebuyer education program to be eligible.

Homebuyer education educates the buyer on the homebuying process, budgeting, homeowner maintenance, and so many other topics that empowers them to be successful homebuyers and prepares them for sustainable homeownership. Learn about our homebuyer education program at finallyhome.org.

Down payment assistance is available to all eligible Idaho homebuyers, not just first-time homebuyers.

To be eligible, a buyer must:

• Have a household income at or below $170,000 (some loan programs require lower income)
• Sign up for Finally Home! Homebuyer Education

Down payment assistance might be right for you if:

• You have enough for a 3% down payment, but it would completely drain your savings.
• You have a secure, well-paying job, but saving all the way up to a 3% down payment is challenging.

Down payment assistance might not be right for you if:

• You’re not ready for the responsibility of homeownership.
• You wouldn’t have any money left in savings after your purchase, even with down payment assistance.

You’ll need to work with one of our lending partners throughout the state. You can find a directory of our lending partners here. You can learn about the full process of getting a loan with Idaho Housing here.

Some programs, such as a Veteran Affairs (VA) loan, allow you to pay 0% down. Most homebuyers, however, will use a FHA or Conventional loan, which require at least 3-3.5% down, depending on the product used. If you utilize down payment assistance through Idaho Housing, you only need to provide $500 of your own money towards the loan transaction. (“Loan transaction” includes earnest money, appraisal, home inspection, homebuyer education course fee, flood ins, etc. It doesn’t have to go toward the down payment.)

Yes, you can!

Yes. Whether you use a second mortgage or forgivable loan, your monthly payment will increase slightly. Your lender will ensure you can afford the full monthly expense during your discussions.

While sellers might prefer an all-cash offer to an offer that utilizes down payment assistance, that does not mean they will not accept the down payment assistance offer. 3,230 Idahoans bought homes with down payment assistance through Idaho Housing in 2021 alone – a year where we saw multiple offers on just about every home on the market.

Get on the path to homeownership in three steps, with Idaho Housing guidance and resources along the way.