IHFA Down Payment and Closing Cost Assistance (Second Mortgage)
Idaho Housing and Finance Association (IHFA) — Idaho's state Housing Finance Agency
Amount: Up to 8% of the home's sales price, usable toward down payment and/or closing costs. Provided as a second mortgage (not a grant) — commonly structured at roughly 2 percentage points above the first mortgage rate, repaid via a low monthly payment over the loan term. Buyers can contribute as little as $500 of their own funds.
Type: Repayable second mortgage / down payment assistance (paired with an IHFA first mortgage — conventional, FHA, VA, or USDA)
Household income at or below $170,000 (some underlying loan products require lower limits by county/household size); minimum credit score typically 620 for conventional and around 580 for FHA-backed loans; must complete IHFA's 'Finally Home!' homebuyer education course; must occupy the home as a primary residence. Per IHFA's own site, this assistance is available to all eligible Idaho homebuyers, not restricted to first-time buyers, though it is commonly used by first-time buyers alongside an IHFA first mortgage.
IHFA First Loan Program
Idaho Housing and Finance Association (IHFA)
Amount: Tax-exempt first-mortgage financing with rates that run up to about 1 percentage point below other loan programs (recent advertised rates around 5.6%–5.7% APR for 30-year fixed, subject to change); as low as 3% down payment for conventional financing, which can be paired with IHFA's down payment assistance second mortgage.
Type: First mortgage loan program (conventional/FHA/VA/USDA eligible)
Available to first-time homebuyers statewide, and to repeat buyers if purchasing in a federally designated targeted county; household income up to $170,000; minimum credit score of approximately 620; maximum debt-to-income ratio around 50%; requires completion of homebuyer education.
HFA Heroes Loan
Idaho Housing and Finance Association (IHFA)
Amount: Special discounted interest rate off IHFA's standard first-mortgage rate, combinable with the same down payment assistance of up to 8% of the sales price described above.
Type: First mortgage discount program for eligible professions, combinable with down payment assistance
Reserved for essential workers/community service professions (e.g., healthcare workers, teachers, first responders, and similar service occupations as defined by IHFA); same general income (up to $170,000), credit score (~620+), and homebuyer education requirements as IHFA's standard programs.