Idaho Heroes Second Mortgage

Idaho Heroes Second Mortgage is a repayable second loan for homebuyers in Statewide, Idaho. The Idaho Heroes Loan Program from IHFA combines a 30-year fixed-rate first mortgage at a SPECIAL REDUCED rate with a repayable second-mortgage DPA of up to 7% of the lesser of sales price or appraised value. Designed exclusively for Idaho's frontline workforce: active-duty military, veterans, law enforcement, firefighters, paramedics/EMTs, healthcare professionals, K-12 educators and retail workers. No first-time-homebuyer requirement; income up to $170,000; minimum $500 borrower contribution; mandatory Finally Home! Homebuyer Education. Repayable second-mortgage down payment and closing-cost assistance up to 7% of the lesser of sales price or appraised value, paired with an IHFA first mortgage at a SPECIAL REDUCED interest rate available only to qualifying 'heroes' (active military, veterans, law enforcement, firefighters, paramedics/EMTs, healthcare professionals, K-12 educators and retail workers). Borrower contributes as little as $500 of their own funds. No first-time-homebuyer requirement. Income limit $170,000 statewide. Repaid as a separate small monthly payment over 15 years. Funding comes from State, HFA, and Bond.

Idaho Heroes Second Mortgage is a repayable second loan and is repaid under the terms set by the administering agency. Repayment is triggered by Monthly amortizing payments over 15 years alongside primary mortgage and balance due at sale, refinance, or non-occupancy. 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.

Idaho Heroes Second Mortgage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 620 FICO; some loan products require 640+. A homebuyer education course is required, through Finally Home! Homebuyer Education (IHFA's education program; required) - online or in-person; finallyhome.org. Residency requirement: Property must be located in Idaho and used as borrower's primary residence. Citizenship or immigration status: U.S. citizen or qualifying permanent/non-permanent resident alien per IHFA product overlays. Borrower must be employed in a qualifying 'hero' occupation: active-duty military, military veterans, law enforcement officers, firefighters, paramedics/EMTs, healthcare professionals, K-12 educators (teachers and school staff), or retail workers. Documentation of qualifying employment required. Must be primary residence. Household income may not exceed $170,000. Borrower contributes minimum $500 of own funds. Must complete Finally Home! Homebuyer Education prior to closing. Minimum 620 FICO (640 for some product overlays). Standard IHFA underwriting and product overlays apply.

Idaho Heroes Second Mortgage limits household income to $170,000. 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.

Idaho Heroes Second Mortgage caps the purchase price as follows: No published statewide purchase price cap on the second mortgage; first-mortgage product caps apply (FHA/VA/USDA/Conventional loan limits). Eligible property types include Single-family detached, condominium, townhouse, PUD, 2-unit (per first-mortgage product), manufactured (per overlays). New construction is eligible. Manufactured homes are eligible.

Idaho Heroes Second Mortgage names veterans, active-duty service members, reservists and National Guard members, surviving spouses, educators, law enforcement officers, firefighters, and healthcare workers among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Idaho Heroes Second Mortgage serves homebuyers purchasing in Statewide, Idaho. The program targets specific areas: IHFA designates federally qualified target areas with relaxed first-time homebuyer and income limits; see IHFA Lender Connection for current target-area census tracts.

Applications for Idaho Heroes Second Mortgage go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Loan officer reserves funds via Idaho Housing's Lender Connection portal at time of loan locking; subject to bond/program funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.