IHFA Down Payment & Closing Cost Assistance

What This Program Offers

15-year fixed-rate second mortgage up to 8% of the lesser of sales price or appraised value (within MI LTV/CLTV limits).

• Interest rate = first mortgage rate plus 2.00%.
• Toward down payment and/or closing costs.
• Finally Home!® homebuyer education required.
• Purchase transactions for the standard 15-year product.
• Minimum $500 of the borrower's own funds required.
• Open to first-time and repeat buyers.
• Household income up to $170,000 (exceptions on specialized First Loan Tax Exempt products).
• Manufactured homes allowed per agency guidelines.

How to Apply

1. 1

   Complete Finally Home!® homebuyer education at finallyhome.org (required for IHFA DPA).

2. 2

   Find an IHFA-approved lender (directory at idahohousing.com/homebuyers/find-a-lender/).

3. 3

   Get pre-approved for an IHFA first mortgage (Conventional, FHA, VA, USDA/RD, or HFA Preferred).

4. 4

   Tell your lender you want IHFA down payment and closing cost assistance.

5. 5

   Contribute at least $500 of your own funds into the transaction.

6. 6

   Both loans close simultaneously — up to 8% assistance applied at closing.