Are you thinking of buying your first home in Idaho? Would you like information on a variety of programs available in Idaho to help you purchase that first home? If so, read on. The state of Idaho does provides first time home owner incentive programs for its residents who are buying their first residence and need help with the down payment and closing costs. Additionally, there are Federal programs available as well as grants from private foundations. This is free money that shouldn’t be passed up! The program amounts can be in the thousands of dollars. It will be well worth your time to educate yourself about the assistance programs that are available to the people of Idaho.
First Time Home Buyer Programs Available In Idaho
Shopping for a home is one of the most exciting times in anyone’s life. At Idaho Housing, they’re here to help creditworthy Idahoans get a great deal on a loan or refinance. They offer some of the lowest interest rates in the state. And that’s not all. Only Idaho housing offers home buyer programs for Idahoans and all of these money-saving programs:
Down payment and closing cost assistance programs
Homebuyer tax credits
Products with low or no mortgage insurance
Lowest 100% financing rate in Idaho
FREE housing counseling statewide
Here is the contact info for Idaho Housing and Finance Association:
Home Partnership Foundation
PO Box 7899
565 W. Myrtle
Boise, ID 83707-1899
Local Programs Available in Idaho
In addition to the grant programs described above, the U.S. Department of Housing and Urban Development provides home buyer assistance programs to Idaho residents. There are multiple grant programs designed specifically for people that meet certain requirements, such as grants for people with disabilities so they can continue to live independently at home. It is worth visiting HUD’s website to see what programs are currently available. Also for your convenience, simply go to here.
Here is the contact information for the HUD office in Idaho:
Boise Field Office
800 Park Boulevard
Boise, ID 83712-7743
Phone: (208) 334-1990
Fax: (208) 334-9648
There are also these local programs:
Boise/Ada County Assisted Home Ownership Program (AHOP) (208) 788-6102
“The Blaine County Housing Authority does not act as a real estate broker in the purchase and sale of Community Homes. The Housing Authority represents neither the Owner nor the Purchaser and acts solely in the interest of the Housing Authority in furtherance of the goals expressed in the Housing Guidelines and in accordance with the Deed Covenant on the Community Home. Buyers and Sellers are encouraged to seek the advice of competent professionals to represent their interests in any purchase and sale transaction.”
City of Boise HOME Investment Partnerships Program 208-384-3802
“HOME Investment Partnerships Program is the largest Federal block grant to State and local governments designed exclusively to create affordable housing for low-income households. Each year HUD allocates approximately $2 billion among the States and hundreds of localities nationwide. The program was designed to reinforce several important values and principles of community development.
HOME’s flexibility empowers people and communities to design and implement strategies tailored to their own needs and priorities.
HOME’s emphasis on consolidated planning expands and strengthens partnerships among all levels of government and the private sector in the development of affordable housing.
HOME’s technical assistance activities and set-aside for qualified community-based nonprofit housing groups builds the capacity of these partners.
HOME’s requirement that participating jurisdictions (PJs) match 25 cents of every dollar in program funds mobilizes community resources in support of affordable housing.”
Idaho Neighborhood Housing Service of Boise Community Development Financial Institution Home Lending Program (CDFI) (208) 343-4065
“The American Dream……Homeownership! NHS is a Full-Cycle Lender offering a variety of mortgage products statewide to help families purchase homes. Income guidelines apply and will vary depending on the loan product.
Take advantage of the Neighborhood Housing Services, Inc. and NHS Lending, Inc.’s loan programs and receive 100% financing. Clients are required to invest a minimal 1% of the purchase price or $1,000.00 (lesser of the two). These programs are available in the state of Idaho.”
Nampa Community Development Block Grant (CDBG) Program 208-884-5272
“The City of Nampa administers the Community Development Block Grant (CDBG) program. The U.S. Department of Housing and Urban Development allocats funds to the City on an annual basis to be used to develop viable communities by providing decent housing, a suitable living environment, and opportunities to expand economic opportunities, principally for low- and moderate-income persons.
Every year, the City of Nampa accepts applications from the community for projects that primarially benefit low- and moderate-income persons. Applications are available in March/April of every year and the application and guidelines for the current program year are available on the web. Awarding decisions are made in July with funding available in October. A copy of the current year Action Plan can be downloaded below.
To learn more about the CDBG program and projects funded in the past, please see the Annual Action Plans in the downloads below.”
Pocatello Neighborhood Housing Services Home Ownership Program (HOP) (208) 233-6276
“The Housing Authority of Pocatello’s Housing Choice Voucher Homeownership Option (HCVHO) is designed to promote and support homeownership by families who are current participants in the section 8 Rental Assistance Program. The availability of these assistance payments helps pay the cost of homeownership and provides additional assurance for mortgage lenders.
The Pilot program will make available 2 vouchers for homeownership to qualifying participants.
The Housing Authority will work with local lenders and real estate professionals to make the American dream of homeownership available to a broader spectrum of pocatello citizens.”
SouthEastern Idaho Community Action Agency Acquisition Housing Home Program 208-232-1114 x157
Top Reasons to Purchase an Acquisition Housing Home
- Own a New Home
Homes range from 1250 to 1400 square feet. All units have 3 bedrooms and 1.5 bathrooms. Homes are energy efficient and feature Energy Star appliances.
- Become a “Smart Buyer”
SEICAA requires all participants to complete Homebuyers Essentials Training, including Pre– and Post-Purchase components. Homebuyers will have knowledge and skills needed to maintain homeownership.
- Affordable Monthly Payments
Mortgages have fixed interest rates for the life of the loan. Qualifying participants may receive gap financing and down payment assistance that SEICAA will assist in securing.
- “Sweat Equity”
Limited sweat equity, up to $5,000 toward closing costs and loan reduction, reduces home price.