Habitat for Humanity Idaho Falls Area Homeownership Program

What is Habitat for Humanity Idaho Falls Area Homeownership Program?

Habitat for Humanity Idaho Falls Area Homeownership Program is down payment assistance for homebuyers in Idaho Falls, Idaho, administered by Habitat for Humanity Idaho Falls Area.

• Habitat for Humanity Idaho Falls Area sells homes to qualifying low-income families with a no-interest (0%), no-profit mortgage, with homes mostly built by volunteers. Applicants must have lived in Southeast/East Idaho for at least one year, be a U.S. citizen/permanent resident or have work authorization, demonstrate need, fall within income and DTI limits, and complete 300 hours of sweat equity. A mandatory orientation meeting (preregistration required) is the entry point. Homes are owner-occupied only with resale restrictions and a Habitat right of first purchase until payoff.
• 0% interest mortgage.
• No-profit home price.
• Sweat equity substitutes for down payment.
• Volunteer-built keeps cost low.

Do you have to pay it back?

Habitat for Humanity Idaho Falls Area Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity Idaho Falls Area.

• Repayment is triggered by Standard mortgage payments; Habitat holds right of first purchase on resale; owner-occupancy/resale restrictions until mortgage paid off.
• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity Idaho Falls Area Homeownership Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity Idaho Falls Area Homeownership Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income must fall within current income limits (up to ~80% AMI) and meet debt-to-income requirements; a minimum income (~25% threshold) is also required. Income verified at application.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Habitat for Humanity Idaho Falls Area Homeownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Idaho Falls Area Homeownership Program serves buyers purchasing in Idaho Falls, Idaho.

How do you apply?

Applications for Habitat for Humanity Idaho Falls Area Homeownership Program go through Habitat for Humanity Idaho Falls Area, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact Habitat for Humanity Idaho Falls Area to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.