Yes- Although it is limited, the state does offer down payment assistance as well as some other fees such as closing costs. This blog will run you through a short analysis on how to get down payment assistance through the Idaho Housing and Financing Association and a few other public assistance programs offered in Idaho.
Idaho Housing: Eligibility Requirements
- A minimum credit score of 620 is required. The credit score requirement is waived for Heroes eligible borrowers.
- Maximum amount of second mortgage is 5% based on lesser of sales price or appraised value. Not to exceed the maximum LTV/CLTV approved by mortgage insurance guidelines.
- Finally Home! Homebuyer Education is required. Only one certificate is required per loan.
- Borrowers must contribute at least .5% of the purchase price of their OWN funds into the transaction. See minimum requirements listed here.
Idaho Housing: Other Factors
Outside the minimum eligibility requirements, the state also considers the applicant’s family unit structure, income status, disabilities, and how many public housing vacancies are available. If you aren’t sure if you qualify or you want to know if you have a good chance of assistance, be sure to schedule a consultation with CDA Realty today.
Beyond the state program, there are a few non-profit organizations that can assist individuals with their down payment needs. Here are a few that are currently available:
As a full-service mortgage loan organization, they offer many different assistance programs for families in Boise and other areas across the state through their partnerships. On the NeighborWorks website, they proudly state that they can assist home buyers with the down payment, decreasing it to 1,000 dollars or less. If a buyer qualifies, they can also pay for 100% of the financing through their partner programs that offer accepted applicants housing grants and debt forgiveness.
All you need to do is schedule an in-person call or face-to-face meeting to discuss your financial history and current housing circumstances.
AutumnGold Affordable Housing
Partnered with the Idaho Housing and Finance Association, AutumnGold offers economical homes for ownership with lower down payment requirements. They currently offer home assistance to about 150 households in Idaho each year, with over 95 Idaho family placements. They also have a program dedicated to Idaho seniors to ensure that they have a safe and attainable living space for them and their families to come visit.
Be sure to ask your Coeur d’Alene real estate agent today about these non-profit housing assistance programs to see if you might qualify. Also reach out to us with any general questions about down payment financing, as state funds and non-profits can be limited depending on your eligibility. The good news is there are other federal assistant programs to consider, so don’t hesitate to set up a meeting or give us a call. Together, we can find something that works for you and your family.