First-Time Home Buyer Programs in Idaho

Idaho Housing and Finance Association (IHFA) Programs:

Idaho Housing First Loan:

Eligibility: Targets first-time homebuyers (no homeownership in the past three years) or buyers in targeted areas of Idaho.
Offerings: Provides a 30-year fixed-rate mortgage (FHA, VA, USDA, or conventional) at competitive rates; can be paired with down payment assistance.
Requirements:

• Income must not exceed county-specific limits (e.g., $115,000 in Ada County for 1-2 people as of 2025).
• Minimum credit score of 620 (640 for conventional loans).
• Debt-to-income ratio capped at 45% (50% with higher scores).
• Homebuyer education course required for all first-time buyers.

Second Mortgage Down Payment Assistance:

Benefits: Offers up to 7% of the purchase price (max $15,000) as a second mortgage at 5% interest, repayable over 10 years; combinable with IHFA First Loan.
Eligibility: Must use an IHFA First Loan; income and purchase price limits apply (e.g., $424,100 for a single-family home in non-targeted areas).

Forgivable Loan Program:

Description: Provides up to 3.5% of the purchase price as a 0% interest, forgivable second loan (forgiven after 7 years); designed for first-time buyers with moderate incomes.
Requirements: Must pair with an IHFA First Loan; same income and purchase price limits as Second Mortgage DPA.

Local Programs:

Boise

Boise City Down Payment Assistance: Offers up to $15,000 as a 0% interest, deferred loan (due on sale or refinance) for first-time buyers in Boise; income must not exceed 80% AMI (e.g., $66,150 for a family of four).

Idaho Falls

Idaho Falls First-Time Homebuyer Program: Provides up to $10,000 as a forgivable loan (forgiven after 5 years) for down payment and closing costs; targets first-time buyers with incomes up to 80% AMI in Idaho Falls.

Coeur d’Alene

North Idaho Housing Coalition DPA: Offers up to $20,000 as a 0% interest, deferred loan (due on sale or refinance) for first-time buyers; income must be at or below 100% AMI (e.g., $82,700 for a family of four) in Kootenai County.

Additional Information:

• Mortgage Credit Certificate (MCC): Provides a federal tax credit of up to 35% of annual mortgage interest (max $2,000) for first-time buyers or those in targeted areas when using an IHFA mortgage; fee of $800 applies.
• USDA and VA Loans: Zero-down payment options for rural areas (USDA) or veterans/active military (VA).
• FHA Loans: Minimum 3.5% down payment, suitable for credit scores as low as 580 (10% if below 580).