Down Payment Assistance By IHFA

Learn About DPA Programs Available To You

First time home buyers in Idaho have many options available to them for help in purchasing their first residence. If you feel that saving enough for a down payment will forever prevent you from buying your first residence, here’s some great news. The Idaho Housing and Finance Association (IHFA), offers down payment assistance for Idaho 1st time homebuyers.

Idaho Down Payment Assistance
Idaho Down Payment Assistance

Idaho DPA Details

Help coming up with the needed down payment is perhaps the greatest resource that you can tap into as a first time home buyer. Here are some details from the IHFA website:

Down Payment / Closing Cost Assistance

Only Idaho Housing offers down payment and closing cost assistance to homebuyers with good credit. If a borrower qualifies, these products can significantly reduce the amount of cash they’ll need up front to purchase a home. Borrowers may qualify for one of these down payment and closing cost assistance loan products.

Good Credit Rewards

Homebuyer’s applying for Advantage, Preferred, and First loan products may be eligible for Idaho Housing’s 10-year down payment and closing costs assistance second mortgage program. The down payment assistance loan must be combined with an Idaho Housing product. The second mortgage will be offered at 2% above Idaho Housing’s standard interest rates.


  • The Good Credit Reward second loan interest rate is 2% above the note rate for all loan programs.
  • May be used with the Preferred and Advantage program with a 680+ credit score.
  • Can combine with First Loan products with a minimum credit score of 640.
  • CANNOT be combined with $2,000 gift.
  • Maximum amount of second mortgage is 2.5%, or $8,000, whichever is less not to exceed 100% combined loan-to-value, or the maximum approved by mortgage insurance guidelines.
  • First-time homebuyer income limits apply for FHA loans with Good Credit Reward 2nds.
  • Finally Home!® Homebuyer Education is required if both borrowers are first-time homebuyers. Only one certificate is required for both borrowers.
  • Borrowers must contribute at least .5% of the purchase price of their OWN funds toward the transaction.
  • Good Credit Rewards funds are based on need. Borrowers’ liquid assets are limited to three months payments, or $5,000, whichever is greater. For borrower’s 62 years or older, the liquid assets are limited to three months payments, or $10,000, whichever is greater.
  • This second mortgage is a fixed rate over 10 years making the monthly payment low so borrowers can easily qualify for the loan amount they need.

To get complete program details, including income limits as well as how to get the application process started, please visit the IHFA DPA page.

More Down Payment Assistance

In addition to the above DPA program offered by IHFA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to prospective 1st time property buyers as well. To find out about additional down payment assistance available near you, please visit local 1st time homebuyer programs in Idaho.