Habitat for Humanity of the Magic Valley Homeownership Program

What is Habitat for Humanity of the Magic Valley Homeownership Program?

Habitat for Humanity of the Magic Valley Homeownership Program is down payment assistance for homebuyers in Twin Falls, Idaho, administered by Habitat for Humanity of the Magic Valley, Inc.

• Habitat for Humanity of the Magic Valley covers seven counties and sells homes to qualifying families at zero profit and zero interest, charging only the cost of the home. Eligible households must earn between 30% and 60% of their county's median income, have at least one year of qualifying income, currently lack adequate shelter, and must not have owned a home in the past three years. Partner families contribute 300-500 hours of sweat equity (treated as the down payment) and complete homeowner education. Applications are available only by attending a mandatory family-selection meeting.
• 0% interest mortgage.
• No-profit home price.
• Sweat equity replaces down payment.
• Homeowner education provided.

Do you have to pay it back?

Habitat for Humanity of the Magic Valley Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of the Magic Valley, Inc..

• Repayment is triggered by Standard mortgage payments.
• 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 of the Magic Valley Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity of the Magic Valley Homeownership Program sets its income limit as follows: Household income must be between 30% and 60% of the county Area/Adjusted Median Income for the county of residence (seven-county service area).

• 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 of the Magic Valley Homeownership Program can be used for Single Family.

• New construction is eligible.

Where does it apply?

Habitat for Humanity of the Magic Valley Homeownership Program serves buyers purchasing in Twin Falls, Idaho.

How do you apply?

Applications for Habitat for Humanity of the Magic Valley Homeownership Program go through Habitat for Humanity of the Magic Valley, Inc., 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 of the Magic Valley, Inc. 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.