Are you one of the many renters in Idaho who dream of owning your own home? Have you been saving for a down payment, but still find it difficult to come up with the necessary funds? If so, you should consider the benefits of using Idaho Housing's Down Payment Assistance (DPA) Program.

The Idaho Housing and Finance Association (IHFA) created the DPA program to help first-time homebuyers overcome the initial financial barriers of purchasing a home. The program provides eligible buyers with a grant to help with the down payment and closing costs, making it easier to transition from renting to owning.

Here are the top benefits of using Idaho Housing's DPA program:

1. Affordability: The primary benefit of the DPA program is that it makes homeownership more affordable. With the grant funds, buyers can reduce the amount they need to save for a down payment, which can free up their finances for other expenses. Additionally, the program can lower the amount needed for closing costs, making it easier for buyers to secure a mortgage.
    
2. Increased purchasing power: By reducing the upfront costs of buying a home, the DPA program can increase a buyer's purchasing power. With the grant funds, buyers can purchase a more expensive home than they would have been able to otherwise, or opt for a larger down payment to reduce the monthly mortgage payment.
    
3. Improved credit score: The DPA program requires buyers to complete a homebuyer education course. This course teaches buyers about the home-buying process, including how to maintain good credit, budgeting, and how to avoid financial pitfalls. By learning these skills, buyers can improve their credit score and increase their chances of securing a mortgage.
    
4. Access to stable, long-term housing: Owning a home is a significant milestone, and the DPA program can help buyers achieve it. By reducing the financial barriers to homeownership, the program provides buyers with access to stable, long-term housing. This stability can provide a sense of security and peace of mind, knowing that they have a place to call home.
    
5. Build wealth: Homeownership is a great way to build wealth, and the DPA program can help buyers achieve this goal. Over time, a home's value will likely appreciate, and buyers can build equity through mortgage payments. This equity can be used for future expenses, such as home improvements, college tuition, or retirement.
    
6. Community investment: When buyers purchase a home, they are investing in their community. By stabilizing housing, the DPA program can help to create strong, vibrant communities that attract businesses, employment opportunities, and other amenities.

To be eligible for the DPA program, buyers must meet certain criteria, including:

• Be a first-time homebuyer or have not owned a home in the past three years, although some counties everyone is a first time home buyer.
• Have a household income at or below $150,000 (for 2023)
• Complete a homebuyer education course
• Meet Idaho Housing's credit and underwriting guidelines
• Purchase a home within Idaho.

The DPA program is available to eligible buyers who finance their home through Idaho Housing. The grant amount is determined based on the buyer's income, the sales price of the home, and the program's funding availability.

The benefits of using Idaho Housing's DPA program are numerous and can provide buyers with the financial assistance they need to achieve their dream of homeownership. By reducing the upfront costs of buying a home, the program makes homeownership more affordable, increases purchasing power, improves credit scores, provides access