Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance)

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) is a forgivable loan for homebuyers in Idaho, administered by Idaho Housing and Finance Association (IHFA). IHFA's forgivable down payment / closing-cost assistance is a deferred soft second mortgage of up to 3% of the lesser of sales price or appraised value, with 0% interest and no monthly payment, forgiven 1/10 per year over 10 years. It is distinct from IHFA's repayable Second Mortgage and can be layered with it for combined assistance up to 10% of the purchase price, requiring as little as $500 of the borrower's own funds. 0% interest, no monthly payment. Forgiven over 10 years (1/10 per year). Up to 3% of price/value forgivable. Combinable with IHFA Second Mortgage for up to 10% total DPA. As little as $500 borrower contribution. Available to repeat as well as first-time buyers.

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) provides assistance worth 3% of the purchase price, as set by the program. Homebuyer contribution: Borrower contributes a minimum of $500 (as little as 0.5% of own funds). Amounts are the program's published maximums, not an offer — Idaho Housing and Finance Association (IHFA) determines any individual award.

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) is forgiven after 10 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Unforgiven balance due on sale or refinance before the end of the 10-year term; forgiven 1/10 per year over the term. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required, through Finally Home! (finallyhome.org) homebuyer education. Paired with an IHFA first mortgage and Finally Home! education. NEEDS HUMAN CONFIRMATION before publish: IHFA's live DPA page still lists a 'forgivable loan' option, but one third-party source claims the forgivable tier was replaced by repayable-only assistance for new reservations - confirm current availability with IHFA.

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) sets its income limit as follows: Household income limits apply (IHFA First Loan program limits). Specific dollar limits by county/household size are published in IHFA's First Loan income-limit tables and not reproduced on the consumer DPA page. 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 Housing Forgivable Loan (Down Payment / Closing Cost Assistance) can be used for Single Family, Townhouse, Condo, and Manufactured. Manufactured homes are eligible.

Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) serves homebuyers purchasing anywhere in Idaho.

Applications for Idaho Housing Forgivable Loan (Down Payment / Closing Cost Assistance) go through Idaho Housing and Finance Association (IHFA), which publishes the current terms and the application steps on its own site. 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.