Homeownership Opportunity Program

What is Homeownership Opportunity Program?

Homeownership Opportunity Program is a deferred second loan for homebuyers in Boise, Idaho.

• The City of Boise Homeownership Opportunity Program (HOP) is a HUD HOME/CDBG-funded down payment, closing cost, and primary-loan-reduction assistance program for low-income homebuyers purchasing within Boise city limits. Maximum award up to $65,000 (reviewed annually). Structured as a deferred 0% interest second mortgage; no monthly payments; repaid at sale, refinance, or non-occupancy. Households must be 50%-80% AMI. Application is by referral only via NeighborWorks Boise or LEAP Housing, who provide the required HUD-approved homebuyer education and housing counseling.
• City of Boise-funded down payment, closing cost, and direct purchase financing assistance up to $65,000 (max award reviewed annually by HCD staff). Funds reduce the size of the buyer's primary loan to a level that is affordable. Structured as a deferred 0% interest mortgage (no monthly payments).
• repaid only at sale, transfer, refinance, or end of affordability term. Funded through HUD HOME and CDBG entitlement grants administered by Boise Housing & Community Development.
• Funding comes from Local, Federal, HOME, and CDBG.

How much assistance does it provide?

Homeownership Opportunity Program offers up to $45,000 in assistance.

• Buyer contribution: Minimum 0.5% of the purchase price from the buyer toward down payment and closing costs; buyer must also retain post-closing savings of at least 2x the total monthly payment.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Homeownership Opportunity Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Deferred (no monthly payments) and due at sale, transfer of title, refinance with cash-out, conversion to rental/non-owner-occupied, or end of HOME affordability period.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homeownership Opportunity Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Homeownership Opportunity Program limits household income to 80% of the area median income, which varies by county and household size.

• Households must earn at least 50% AMI and no more than 80% AMI for the Boise City-Nampa MSA per HUD-published limits. Seed range $34,300-$103,500 reflects 50%-80% AMI by household size; verify current limits with City of Boise HCD.
• 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?

Homeownership Opportunity Program caps the purchase price as follows: Per HOME 95% area median purchase price limit for Boise MSA; verify current limit with City of Boise HCD or HUD HOME tables.

• Eligible property types include Single-family detached, condominium, townhouse - primary residence within Boise city limits.
• New construction is eligible.
• Manufactured homes are eligible.

Where does it apply?

Homeownership Opportunity Program serves buyers purchasing in Boise, Idaho.

How do you apply?

Applications for Homeownership Opportunity Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through NeighborWorks Boise or LEAP Housing - housing counseling and HUD-approved homebuyer education required as prerequisite to HOP application.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Application by referral only via NeighborWorks Boise or LEAP Housing; subject to City's annual HUD HOME/CDBG entitlement allocation and program guideline cap, 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.