Colorado DPA Programs
Explore down payment and homebuyer assistance programs in the state of Colorado.
April 4, 2023
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Idaho
Idaho Down Payment Assistance (DPA) Programs
Located in the northwestern United States, Idaho is the 43rd state in the Union. Due to its abundance of natural minerals, it is nicknamed The Gem State and known for its mountainous landscape and wildlife. The state’s capital and largest city is Boise. With a population of nearly 2 million people, Idaho boasts a homeownership rate of 71.3% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Idaho. Also, combining programs may be possible, so be sure to inquire.
In this article
Idaho Housing and Finance Association
Home Loans
“Idaho Housing offers the best home loan options, including conventional loans, Rural Housing development, FHA and VA loans. If you make up to $150,000 per year, you might qualify for one of our home mortgage loan products. Property types includes: single family, townhouse, condos and manufactured housing.”
Down Payment Assistance
“This program provides homebuyers up to 10% of the sales price of the home to use towards the down payment and/or closing costs. Financing is loaned to you via a second mortgage or a forgivable loan. Down payment assistance is available to all eligible Idaho homebuyers, not just first-time homebuyers.”
Mortgage Credit Certificate (MCC) Program
“A Mortgage Credit Certificate (MCC) issued by Idaho Housing and Finance Association allows a homebuyer to claim a federal tax credit for 35% of the mortgage interest paid per year, up to $2,000 each year.”
Blaine County Housing Authority
Purchase
“If you live and work in Blaine County, you may be able to purchase a Community Home for below market pricing. BCHA administers over eighty (80) Community Homes throughout Blaine County including Ketchum, Elkhorn, Mid-Valley, Hailey and Bellevue.”
City of Boise Housing and Community Development
Housing Land Trust
“The Housing Land Trust leverages city-owned property to create housing for residents at all income levels and ensure that it remains affordable into the future.”
NeighborWorks Boise
Home Loans
“As a not-for-profit lender, our caring team has access to a fresh menu of financing options to craft a loan that’s perfect for you, even when your qualifications aren’t perfect. Whether you’re buying your first home, scaling back your dream home, or emerging from hardship, we offer hope and homeownership that traditional banks can’t match.”
City of Meridian Down Payment Assistance
“You may qualify for up to $40,000 in down payment assistance. To qualify you must be purchasing in the City of Meridian and be at or below 80% Area Median Income (AMI).”
NWBoise Dream Loan Second Mortgage
- Fixed interest rate (Rates tiered based on income)
- 30-year loan term
- No limit on loan amount for borrowers <80% AMI
- Loan amount caps for borrowers over 80% AMI
FHA Second Mortgage
- Fixed-rate of 5%
- 10-year loan term
- Up to 3.5% of the purchase price
City Grants
- 0% interest
- No payments
- Loan term varies
- Loan amounts varies
- Forgivability period varies
Financial Industry Partner Grants
- 0% interest
- No payments
- Loan term varies
- Loan amounts vary
- Forgivability period varies
Pocket Neighborhoods™
“The purpose of our Pocket Neighborhoods™ is to provide high quality, affordable, sustainable, and community-focused housing in the Treasure Valley. Pocket Neighborhoods™ grew out of the desire by many to move closer to where they work and play. They offer an innovative solution to higher-density housing. Affordable housing should not mean substandard housing.”
Neighborhood Housing Trust of Idaho
“In the current Idaho housing market, it is nearly impossible for our priority populations—those with incomes at or below 80% Area Median Income (AMI)—to afford to purchase a house. Shared equity can make that possible for not just one household, but also for future households who purchase that home.”
AutumnGold Affordable Housing
Affordable Housing Program
“These programs offer homeownership assistance to qualified low to moderate-income participants in the form of down payment and closing cost assistance.”
NeighborWorks Pocatello (NWP)
Down Payment & Closing Cost Assistance
“NWP offers secondary or GAP financing which helps bridge the gap between the sales price and the first mortgage loan amount. Applicants must be credit-worthy and quality for a first mortgage loan from a private lender; however, it does not need to be the full sales price of the home. The gap financing allows those people with low or moderate incomes the opportunity to get into one of our new homes for a much lower payment than you would think.”
NWP Homes for Sale
“Purchasers of these homes may not exceed 80% of Area Median Income (AMI). Income amounts vary according to household size.”
Southeastern Idaho Community Action Agency (SEICAA)
Self-Help Housing
“SEICAA’s Self-Help Housing program enables eligible, first-time homebuyers to build their own homes under the supervision of an experienced construction supervisor. As participants build their home, they learn basic maintenance, repair, and weatherization skills. By the end of the program, participants not just own a home, they have the tools necessary to maintain their new homeownership status.”
Boise City/Ada County Housing Authority
Housing Choice Voucher Homeownership Option (HCVHO)
“The HCVHO program is designed to promote and support homeownership by families that are participating in or have graduated from BCACHA’s Family Self-Sufficiency (FSS) program. Families who have been determined eligible have the option, if they meet certain additional criteria, to purchase a home and receive payment assistance towards their mortgage rather than towards their rent.”
Southwestern Idaho Cooperative Housing Authority (SICHA)
Housing Choice Voucher Homeownership Option (HCVHO)
“The Housing Choice Voucher Homeownership Option (HCVHO) is a Southwestern Idaho Cooperative Housing Authority program designed to promote and support homeownership. Qualifying families must be currently receiving Section 8 rental assistance in Canyon, Gem or Elmore County to use their HCV toward the purchase of a home. Your mortgage payment will be subsidized rather than your rent.”
Federal Home Loan Bank (FHLBank) Des Moines
States/Territories served: Alaska, American Samoa, Hawaii, Guam, Idaho, Northern Mariana Islands, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming
Home$tart Program
“Through our Home$tart program, eligible households may receive up to $7,500 in down payment and closing cost assistance. You must apply through a member institution.”
Native American Homeownership Initiative (NAHI)
“Through our Native American Homeownership Initiative (NAHI), eligible households may receive up to $15,000 for down payment and closing cost assistance. You must apply through a member institution.”
USDA Rural Development
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat for Humanity
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
The next article in our blog series will explore Illinois’ down payment assistance programs.
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