Down Payment / Closing Cost Assistance

Idaho Housing offers down payment and closing cost assistance to qualifying homebuyers. These products enable thousands of first time and repeat homebuyers to purchase homes by significantly reducing their cash to close.

Second Mortgage

• Can be used for down payment and closing cost assistance (for purchase transactions only.)
• Maximum amount of second mortgage is 7% based on lesser of sales price or appraised value.
• Fixed rate 2% over your first mortgage loan rate applied over 15 years with low monthly payments.
• Income limits up to $150,000 for some products.
• Finally Home!® Homebuyer Education is required. Only one certificate is required per loan.
• Borrower must contribute at least 0.5% of the sales price of his OWN funds to the transaction.

Forgivable Loan

• No first‐time homebuyer requirement.
• Available for up to 3% of the sales price.  Tiered forgiveness of 10% each year.
• A lien will be placed on the property.
• Can be used for purchase only.
• Finally Home!® Homebuyer Education is required. Only one certificate is required per loan.
• Borrower must contribute at least 0.5% of the sales price of his OWN funds to the transaction.

Full Program Details

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