If you're a first-time homebuyer in Idaho, you may be concerned about the high cost of a down payment. Luckily, the Idaho Housing and Finance Down Payment Assistance Program (IDPA) is available to help you with the cost of purchasing your new home. In this blog, we'll explore the benefits of Idaho Housing and Finance Down Payment Assistance Program and how to take advantage of this program.

What is the Idaho Housing and Finance Down Payment Assistance Program?

The Idaho Housing and Finance Down Payment Assistance Program (IDPA) is designed to assist first-time homebuyers, and sometimes second-time, who are struggling to afford the down payment on their new home. IDPA provides eligible buyers with up to 7% in down payment assistance to be used towards the purchase of their home. This program is only available to those who meet certain income and credit score requirements.

Benefits of Idaho Housing and Finance Down Payment Assistance Program:

1. Access to Affordable Housing

The IDPA program helps first-time homebuyers, and sometimes second-time homebuyers access affordable housing by reducing the upfront cost of purchasing a home. With the assistance provided by the program, many individuals and families are able to purchase a home that would have been otherwise unaffordable.

2. Lower Monthly Mortgage Payments

By reducing the amount needed for a down payment, Idaho Housing and Finance Down Payment Assistance Program can help lower your monthly mortgage payments. This can make homeownership more accessible and affordable for first-time buyers.

3. Low Monthly Payments

The down payment assistance provided by IDPA is in the form of a second mortgage, which means there is a monthly payments or interest due on the loan.

4.  Flexibility in Home Choice

The IDPA program is not limited to certain areas or types of homes. As long as the home is located in Idaho and meets certain criteria, buyers can use the down payment assistance towards the purchase of any home that meets their needs.

How to Apply for IDPA

To apply for IDPA, you must first find a participating lender who is approved to offer the program. 1^st Choice Mortgage is that mortgage lender, over the last few years, 1^st Choice has done more Idaho Housing Loans than another other broker in Idaho!!

1^st Choice Mortgage will guide you through the application process and help determine if you qualify for the program. You will need to provide documentation of your income, credit score, and other financial information.

Call us today, and find out how easy it is to get into a home with Idaho Housing and their down payment assistance program.  

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