Down Payment, Grant, and closing cost Assistance!

Down Payment Assistance | Closing Cost Assistance | Grants

Idaho Down Payment and Closing Cost Assistance for Homebuyers

Idaho down payment and closing cost assistance helps homebuyers reduce or eliminate the upfront costs of buying a home. Whether you're a first-time buyer or a community hero - like a teacher, nurse, police officer, or firefighter - these programs can make homeownership more affordable. At 1st Choice Mortgage, we work with Idaho Housing and Finance Association (IHFA) to offer grants, forgivable loans, and low-interest mortgage options designed to support Idaho residents.

How Do These Programs Help?

Eligible borrowers can receive:

• Down payment assistance

• Closing cost assistance

• Grants that don't need to be repaid (in some cases)

This financial help can significantly reduce the amount of money you need to bring to the closing table, especially for first-time homebuyers.

Combine with a Low-Rate First-Time Buyer Loan

When you pair these programs with a low-interest Idaho Housing mortgage, it becomes a sweet deal! Idaho Housing offers special loan products for first-time buyers, which can include:

• Below-market interest rates

• Longer-term affordability

• Reduced monthly payments

Are You Eligible?

Eligibility requirements vary depending on the program, but typically include:

• A qualifying credit score

• Stable income

• Property must be located in Idaho

• Must meet specific job role criteria (for Hero programs)

1st Choice Mortgage can help you determine which programs you qualify for and guide you through the application process.

Let's Get You Into a Home - With Less Cash Out of Pocket

Whether you’re a first-time buyer or a local hero, Idaho down payment and closing cost assistance could be your path to affordable homeownership.

Call 1st Choice Mortgage today to see what grants and assistance programs you may qualify for - we're here to help make your dream of homeownership a reality.

Forgivable Grant

• Provides up to 3% of purchase price as a  Grant towards Down Payment and Closing Costs.
• 0% Interest for 10 years
• 100% forgivable after 10 years.
• 1st Time Home Buyers Eligible
• 2nd Time Home Buyers Eligible
• Use with FHA and Conventional
• Use with Rural Development
• Minimum FICO: 580

*Income Restrictions. <$170,000 Income (as of 01/01/2025)

2nd Mortgage Conventional Loan

• Provides up to 7%, Low Interest Rate.
• 2nd Mortgage for Down Payment OR Closing Costs
• 1st Time Home Buyer
• 2nd Time Home Buyer
• Is a Second Mortgage: Yes
• Use with Conventional
• Minimum FICO: 620
• Minimum Borrower needs for Closing: .50% of Purchase Price into transaction
• Can be combined with Grant

*Income Restrictions. <$170,000 Income (as of 01/01/2025)

2nd Mortgage FHA Loan

• Provides up to 7%, Low Interest Rate
• 2nd Mortgage for Down Payment OR Closing Costs
• 1st Time Home Buyer
• 2nd Time Home Buyer
• Is a Second Mortgage: Yes
• Use with FHA
• Use with Conventional
• Minimum FICO: 580
• Minimum Borrower needs for Closing: .50% of Purchase Price into transaction
• Can be combined with Grant

*Income Restrictions. <$170,000 Income (as of 01/01/2025)

Forgivable Grant PLUS 2nd Mortgage

• Provides up to 10% towards Down Payment AND/OR Closing Costs.
• 2nd Mortgage up to 7% for FHA and 7% for Conventional
• Forgivable Grant up to 3%
• 1st Time Home Buyer
• Use with Conventional
• Use with FHA
• Minimum FICO: 620
• Minimum Borrower needs for Closing: .50% of Purchase Price into transaction

*Income Restrictions. <$170,000 Income (as of 01/01/2025)

Heroes Down Payment Assistance

• Provides up to 7%, Low Interest Rate.
• 2nd Mortgage for Down Payment OR Closing Costs
• Available for Heros; Nurses, Teachers, Firefighters, Police, Paramedics
• 2nd Time Home Buyer in some counties
• Is a Second Mortgage: Yes
• Use with Conventional, FHA, USDA
• Can be combined with Grant

Guidelines & Income limits subject to change at any time, Call TODAY for complete details and restrictions.