Good Credit Rewards Program

With its Good Credit Rewards Program, the Idaho Housing and Finance Association provides down payment and closing cost assistance to homebuyers who demonstrate creditworthiness. This assistance can significantly reduce out-of-pocket expenses incurred during the mortgage process.

Available Assistance:
The Good Credit Rewards program provides qualifying applicants with down payment and closing costs assistance. Applicants receive assistance funds based on need, in the form of a 10-year second mortgage, which works in conjunction with a primary mortgage from Idaho Housing. This second mortgage will be offered at 2 percent above Idaho Housing’s standard interest rates. The 10-year term keeps monthly payments low, so borrowers can easily qualify for the loan amount they need.  The maximum loan amount for down payment assistance is 2.5 percent or $8,000, whichever is less.

Eligibility Requirements:
To be considered eligible for the Good Credit Rewards Program, all applicants must meet certain requirements. Homebuyers financing with the Advantage or Preferred primary mortgage must have a credit score of at least 680, while those with First loan products must have 640 or higher. Applicants are required to contribute at least .5 percent of the purchase price from their own funds. First-time homebuyer income limits apply for FHA loans. Additionally, if both borrowers are first-time homebuyers, one of them must complete the Finally Home!® Homebuyer Education course. This course covers a number of topics, including budgeting, understanding credit, the closing process, and costs associated with home buying.

*Seller-funded down payment programs were eliminated in the Housing and Economic Recovery Act of 2008, but States and Local government agencies are still permitted to help borrowers finance their homes with second mortgages and grants. These agencies set different requirements that a borrower needs to meet in order to qualify for the grant programs, such as property location, and purchase price and income limits.