The Idaho Housing and Finance Association provides down payment and closing cost assistance to homebuyers who demonstrate credit worthiness. This assistance can significantly reduce the amount of cash they’ll need up front to purchase a home.

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HOME Down Payment Closing Cost Assistance

Financial Assistance for Homebuyers in Idaho

The Idaho Housing and Finance Association provides down payment and closing cost assistance to homebuyers who demonstrate credit worthiness. If applicants qualify, this assistance can significantly reduce the amount of cash they’ll need up front to purchase a home.

Homebuyer’s applying for Advantage, Preferred, and First loan products may be eligible for Idaho Housing’s Good Credit Rewards program. This is a 10-year down payment and closing costs assistance second mortgage program. The down payment assistance loan must be combined with an Idaho Housing product. The second mortgage will be offered at 2% above Idaho Housing’s standard interest rates.


There are a number of requirements that borrowers must meet:
  • The Good Credit Rewards second interest rate is 2% above the rate for all loan programs.
  • The assistance may be used with the Advantage, Preferred, and First loan products.
  • The maximum amount of second mortgage is 3.5%, or $8,000, whichever is less not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines.
  • First-time homebuyer income limits apply for FHA loans with good credit
  • Finally Home! Homebuyer Education is required if both borrowers are first-time homebuyers.
  • Borrowers with credit scores of lower than 680 will not be able to obtain this second mortgage.
  • Borrowers must contribute at least 0.5% of the purchase price of their OWN funds toward the transaction.
  • Good Credit Rewards funds are based on need. A borrower’s liquid assets are limited to three months payments, or $5,000, whichever is greater. For a borrower of 62 years or older, the liquid assets are limited to three months payments, or $10,000, whichever is greater.
  • This second mortgage has a fixed rate over ten years making the monthly payment low so borrowers can easily qualify for the loan amount they need.

In the Finally Home! Homebuyer Education Classes, you will learn about:
  • Budgeting
  • Understanding credit
  • Determining if you’re ready for homeownership
  • Types of loans available
  • Who will assist you through the transaction
  • The closing process
  • All of the costs associated with purchasing

Down Payment Grants in Idaho

The Idaho Housing and Finance Association provides down payment and closing cost assistance to homebuyers who demonstrate credit worthiness. This assistance can significantly reduce the amount of cash they’ll need up front to purchase a home.