If you’re a first-time homebuyer in Idaho, you may be eligible for a grant of up to $17,500 from the Idaho Housing and Finance Association. The Idaho Housing and Finance Association (IHFA) offers grants, loans, and mortgage credit certificates (MCCs) to help you secure your first home. And in this post, we’ll explain who is eligible for IHFA assistance, how to apply for a grant or loan, and the benefits of using an MCC.
In fact, we will tell you everything you need to know about these grants, and leave no stone unturned so that you can get the benefits that you need and deserve!
What Are Idaho First Time Home Buyer Grants?
Idaho first time home buyer grants are financial assistance programs available to new homeowners in the state. Grants can be used for down payments, closing costs and other home-related expenses. In some cases, the grants may also be used to purchase a home in need of renovation.
The amount of financial assistance awarded varies depending on the program, but most grants range from $1,000 to $10,000.
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How Much Money Can You Get From Idaho First Time Home Buyer Grants?
The average Idaho first time home buyer grant amount is $17,500. However, the amount you can receive may vary depending on the county you live in. The grants are funded by a variety of sources, including state and federal governments, private companies and non-profit organizations.
So, there is no one-size-fits-all answer to this question. But, if you’re eligible, you could get a good chunk of change to help cover your down payment and closing costs.
How Do You Qualify For Idaho First Time Home Buyer Grants?
In order to be considered for an Idaho first time home buyer grant, you’ll need to meet certain qualifications. The most basic requirement is that you must be a U.S. citizen or a permanent resident. You’ll also need to be a legal resident of Idaho, and have lived in the state for at least one year prior to applying.
Additional qualifications may vary depending on the specific grant program you’re interested in, so be sure to read all the guidelines carefully.
Generally, you’ll need to demonstrate that you meet certain income requirements and that you’re able to afford a mortgage. You may also need to complete a homebuyer education course.
What Are The Income Limits For Idaho First Time Home Buyer Grants?
First time home buyers in Idaho can receive up to $17,500 in financial assistance through one of the state’s many first time home buyer grants. However, there are some income limits that you must meet in order to be eligible.
The amount of the grant however decreases as your household income increases. For example, a family of four that earns more than $95,000 per year would not be eligible for a grant. Be sure to check the income limits for your specific county, as they can vary.
Some other options that could help you get your dream home in Idaho, apart from Idaho first time home buyer grants are the following:
1. Idaho First-time Home Buyer Requirements
To qualify for a First Loan, your income must fall within the program’s income criteria, which vary on a county by county basis. Also, the home you’re buying must not exceed the program’s purchase price limits, which may also vary from one county to another. If you combine a mortgage with down payment help and get an FHA or USDA loan, you’ll have to take a homebuyer education course. However, there is no obligation for homebuyer education if you are applying for a VA loan.
2. Idaho Housing Forgivable Grant
The Idaho Housing Forgivable Grant is a 10-year down payment assistance loan that can cover up to 5% of the buying price of a home. Over the course of ten years, the amount borrowed is forgiven in tiers, with the final year being totally forgiven.
If your first mortgage is a First Loan, an HFA Advantage 50 percent AMI or 80 percent AMI loan, or a Heroes loan, this loan can be paired with the Second Mortgage Assistance Program.
You must take a homebuyer education course and donate at least 0.5 percent of your own finances to the purchase to be eligible for the Forgivable Loan.
3. Idaho First-time Home Buyer Tax Credit (MCC)
An Idaho First-time Home Buyer Tax credit also known as a Mortgage Credit Certificate (MCC) is issued by Idaho Housing and Finance Association, and it entitles a homebuyer to a federal tax credit of up to $2,000 per year for 35 percent of the mortgage interest paid.
The MCC is a real tax credit that can be applied to any federal taxes owed by the borrower and can be rolled over for up to three years. The tax credit may be available to a homebuyer for as long as he or she lives in the house.
4. ICCU First-time Home Buyer Programs
The Idaho Central Credit Union offers the ICCU first-time home buyer programs which features more than six programs that could easily aid prospective homeowners in the state of Idaho. Such programs include:
- Idaho first time home buyer grants
- Federal Housing Administration loans
- VA home loans
- Advantage ARM First-Time Homebuyer 100% Financed
- Advantage Adjustable Rate Mortgage (ARM)
- Gifted Funds Mortgage
5. Idaho Heroes Loan Program
Veterans, members of the military, teachers, firemen, retail workers, healthcare professionals, law enforcement officers, and paramedics can all benefit from Idaho Heroes Loan program, which offers low-interest loans. A second mortgage of up to 7% of the purchase price is available as part of the program. For the second mortgage, there is no minimum credit score requirement, and you don’t have to be a first-time homebuyer to qualify.
How To Apply For Idaho First Time Home Buyer Grants?
In order to be eligible for an Idaho first time home buyer grant, you must meet specific requirements. You must be a U.S. citizen or legal resident, have never owned a home in the past, and intend to occupy the home as your primary residence.
The application process is relatively simple—you can apply online by finding an accredited lender to help make the process an easy one. Be prepared to provide some basic information about yourself and your intended purchase and also check for further information by clicking here.
You will also need to provide documentation that supports your eligibility for the grant. If approved, you will receive the funds in the form of a direct deposit into your bank account.
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What qualifies as a first time home buyer in Idaho?
To qualify for a First Loan, your income must fall within the program’s income criteria, which vary on a county by county basis
Does Idaho have first time home buyers?
Of course, you can bet that we do!
How can I buy a house in Idaho with bad credit?
You would need to speak to accredited lender to help put you on the best plan for you.
What do I need to apply?
This would also depend on the program you are putting in for.
Conclusion:
Now, you have seen that Idaho first time home buyer grants can provide you with up to $17,500 in financial assistance when purchasing your first home.
But, there are requirements to fulfil In order to qualify. You must meet certain income and residency requirements, and may need to go for other options if you do not qualify for Idaho first time home buyer grants. The application process is simple and can be completed in just a few minutes.
So, what are you waiting for?
