Idaho

The Idaho Housing and Finance Association (known as Idaho Housing) has a suite of conventional, FHA, VA and USDA loans for homebuyers purchasing a single-family home, condominium, townhome or manufactured home.

HFA Advantage and HFA Preferred Loans

Competitive mortgages through Idaho Housing and Finance Association (IHFA), in partnership with Fannie Mae and Freddie Mac, with down payments as low as 3%. Offer various options based on income levels, providing assistance with closing costs and down payments.

Highlights:

• Flexible credit requirements
• Can be combined with Down Payment / Closing Cost Assistance available

Eligibility:

• Maximum income is $150,000 for all counties with some exceptions on specialized loans.
• Completion of homebuyer education course for certain income brackets.

Benefits:

• Assist first-time home buyers and others with low-to-moderate income levels in securing affordable home financing
• Various options based on income levels.
• Low down payment requirements: Borrowers can put down as little as 3% of the home’s purchase price.
• Reduced mortgage insurance requirements

Requirements:

• Meeting income thresholds.
• Completing homebuyer education courses for specific income brackets.

How to Apply:

• Connect with a participating lender or mortgage broker in your area to help determine if you are eligible and which Idaho Housing loan programs best fit your needs.

Idaho Housing First Loan

Can only be accessed through a participating lender, but it is compatible with other popular loan types like FHA, VA, or USDA loans.

Highlights:

• Available to first-time homebuyers or repeat buyers purchasing in a targeted county
• Offers FHA, VA, or USDA loans in targeted areas.

Eligibility:

• Income must fall within program limits based on county.
• Home price must not exceed purchase price limits.

Benefits:

• Flexible loan options for targeted areas.
• Competitive rates and low mortgage insurance that can help make homeownership more affordable

Requirements:

• Income and home purchase price within program limits.
• Completion of homebuyer education course if using FHA or USDA loan.

How to Apply:

• Contact IHFA-approved lenders to help determine if you are eligible and which Idaho Housing loan programs best fit your needs.

Idaho Heroes Program

Low-interest loans for veterans, military members, educators, healthcare professionals, and public service workers. The Idaho Heroes Program offers low-interest loans tailored to veterans, military members, teachers, firefighters, healthcare professionals, law enforcement officers, and paramedics. It provides a 15-year fixed-rate loan option and allows for a second mortgage of up to 7% of the purchase price. Notably, it doesn’t mandate a minimum credit score for the second mortgage, and eligibility isn’t confined to first-time homebuyers.

Highlights:

• Offers a 15-year fixed-rate loan.
• Interest rate = 1st Mortgage rate plus 2.00%.

Eligibility:

• Community heroes such as healthcare professionals, firefighters, paramedics, law enforcement, teachers, military/veterans, and retail workers are eligible.
• No minimum credit score required for the second mortgage.
• Not exclusive to first-time homebuyers.

Benefits:

• Low-interest loans available to various professional categories.
• Offers a 15-year fixed rate loan.
• Option for a second mortgage up to 7% of the purchase price.
• 0.5% borrower contribution requirement waived.
• The rate add-on for the DPA will be .125% instead of the normal .25%.

Requirements:

• Borrowers must meet IHFA First Loan program requirements.
• Compliance with Finally Home! Homebuyer Education with one certificate per loan.

How to Apply:

• Connect with IHFA-approved lenders to explore eligibility and apply.

Idaho Housing Second Mortgage

The Idaho Housing Second Mortgage program allows borrowers to access a second mortgage of up to 7% based on the lesser value between the sales price and the appraised value of the property.

Highlights:

• Provides a 15-year fixed-rate second mortgage
• Can be used for down payment and closing cost assistance
• Eligible to be combined with specific loan products requiring a minimum credit score of 680 or 620 for the First Loan program.

Eligibility:

• Specifically tailored for down payment and closing cost assistance in purchase transactions.
• Maximum second mortgage amount is 7%, determined by the lower value between the sales price or appraised value.
• Income limits apply, potentially up to $150,000 for specific products.

Benefits:

• Offers financial assistance for down payment and closing costs, easing the financial burden on eligible homebuyers.
• Provides a second mortgage at a fixed rate, helping to manage payments effectively.
• Education programs ensure borrowers are well-informed and equipped for homeownership responsibilities.

Requirements:

• Eligibility for down payment and closing cost assistance is exclusive to purchase transactions.
• Borrowers must contribute at least 0.5% of their OWN funds to the transaction.
• Limits the maximum second mortgage to 7% based on the lower value between the sales price or appraised value.
• Imposes a fixed interest rate 2% higher than the first mortgage loan rate applied over 15 years, ensuring reasonable monthly payments.
• Mandatory completion of the Finally Home! Homebuyer Education, with only one certificate required per loan.
• Expects borrowers to contribute at least 0.5% of their OWN funds to the transaction.

How to Apply:

• Connect with approved lenders or mortgage brokers associated with Idaho Housing. These professionals guide applicants through the application process and provide necessary information regarding eligibility, documentation, and other requirements.

Idaho Housing Forgivable Loan

The Idaho Housing Forgivable Loan is a 10-year down payment assistance program that offers financing up to 3% of the home’s purchase price. This loan operates with tiered forgiveness, gradually forgiven over the ten-year period.

Highlights:

• Offers financing up to 3% of the sales price, forgiven over a ten-year period.
• Requires the borrower to contribute at least 0.5% of their own funds to the transaction.
• Mandatory completion of the Finally Home! Homebuyer Education with only one certificate needed per loan.

Eligibility:

• No requirement for being a first-time homebuyer.
• Offers financing of up to 3% of the sales price with forgiveness over a ten-year period.
• Exclusively for use in purchase transactions.

Benefits:

• Provides financial assistance for down payment specifically for home purchases.
• Offers gradual forgiveness of the loan amount over a ten-year period.
• Ensures borrowers complete homebuyer education for better-informed homeownership.

Requirements:

• No first-time homebuyer restriction.
• Provides up to 3% financing, forgivable over a ten-year period, secured by placing a lien on the property.
• Mandatory completion of the Finally Home! Homebuyer Education, with only one certificate needed per loan.
• Requires a minimum contribution of 0.5% of the purchase price from the borrower’s own funds.
• Any unforgiven balance will be due and payable upon sale or refinance.

How to Apply:

• To apply for the Idaho Housing Forgivable Loan program, individuals should reach out to approved lenders or mortgage brokers associated with Idaho Housing. These professionals guide applicants through the application process and provide necessary information regarding eligibility, documentation, and other requirements.

Illinois

IHDA Access Forgivable Mortgage

The IHDA Access Forgivable Mortgage program offers a secure 30-year fixed-rate mortgage, ensuring a consistent interest rate throughout the loan term. It provides assistance of up to 4% of the purchase price, not exceeding $6,000, dedicated to down payment and closing costs. This assistance is gradually forgiven over a 10-year period, provided the homeowner resides in the property for the specified duration.

Highlights:

• Offers up to 4% of the purchase price or a maximum of $6,000 in assistance for down payment and closing costs.
• Forgiveness occurs monthly over a 10-year period and is not required to be repaid.
• Presents a 30-year fixed-rate mortgage with an affordable interest rate.
• Available for all mortgage types, including FHA, VA, USDA, FNMA HFA Preferred and FHLMC HFA Advantage

Eligibility:

• Available for both first-time and non-first-time homebuyers in all Illinois counties.
• Household income and purchase price limits apply
• Minimum credit score of 640 is required
• Both new construction and existing homes are eligible
• Mandates the homeowner to reside in the property as the primary residence.
• Completion of homeownership education before closing is mandatory.

Benefits:

• Grants substantial assistance for down payment and closing costs.
• Offers a range of fixed-rate mortgage options.
• Allows flexibility in selecting loan types (FHA, VA, USDA, or FNMA HFA Preferred).

Requirements:

• Contribution of $1,000 or 1% of the purchase price (whichever is greater).
• Meets income, purchase price, and credit score requirements.
• Obligatory completion of homeownership education before closing.
• Residency in the purchased home as the primary residence.

How to Apply:

• To apply for the IHDA Access Forgivable Mortgage program, interested individuals should contact IHDA-approved mortgage lenders. Visit the IHDA website for detailed program information and guidance on the application process.

IHDA Access Deferred Mortgage

The IHDA Access Deferred Mortgage program offers a secure 30-year fixed-rate mortgage, ensuring a consistent interest rate throughout the loan term. It provides assistance of up to 5% of the purchase price, capped at $7,500, allocated for down payment and closing costs. This assistance takes the form of an interest-free loan that remains deferred until specific conditions, such as selling the property or refinancing the mortgage, are met.

Highlights:

• Provides up to 5% of the purchase price or a maximum of $7,500 in assistance for down payment and closing costs.
• Offers an interest-free loan that remains deferred until specific conditions (e.g., sale, refinance, or mortgage payoff).
• Presents a 30-year fixed-rate mortgage with a competitive interest rate.
• Provides flexibility in loan type selection among FHA, VA, USDA, or FNMA HFA Preferred.

Eligibility:

• Open to both first-time and non-first-time homebuyers residing in all Illinois counties.
• Requires a contribution of $1,000 or 1% of the purchase price (whichever is greater).
• Applicants must fulfill income and purchase price limits and credit score criteria.
• Mandatory primary residency in the purchased property.
• Completion of homeownership education before closing is mandatory.

Benefits:

• Offers substantial assistance for down payment and closing costs.
• Provides an interest-free loan for a specified duration.
• Grants flexibility in selecting loan types (FHA, VA, USDA, or FNMA HFA Preferred).

Requirements:

• Contribution of $1,000 or 1% of the purchase price (whichever is greater).
• Meets income, purchase price, and credit score requirements.
• Completion of homeownership education before closing.
• Obligatory residency in the purchased property as the primary residence.

How to Apply:

• To apply for the IHDA Access Deferred Mortgage program, interested individuals should reach out to IHDA-approved mortgage lenders. Access detailed program information and guidance on the application process via the IHDA website.

IHDA Access Repayable Mortgage

The IHDA Access Repayable Mortgage program offers a stable 30-year fixed-rate mortgage, ensuring a consistent interest rate throughout the loan term. It provides assistance of up to 10% of the purchase price, capped at $10,000, allocated for down payment and closing costs. This assistance is provided as an interest-free loan, repaid in monthly installments over a 10-year period.

Highlights:

• Offers up to 10% of the purchase price or a maximum of $10,000 in assistance for down payment and closing costs.
• Provides an interest-free loan repaid monthly over a 10-year period.
• Presents a 30-year fixed-rate mortgage with a competitive interest rate.
• Available for all mortgage types, including FHA, VA, USDA, FNMA HFA Preferred and FHLMC HFA Advantage

Eligibility:

• Open to both first-time and non-first-time homebuyers residing in all Illinois counties.
• Applicants must fulfill income and purchase price limits
• Minimum credit score: 640
• Mandatory primary residency in the purchased property.

Benefits:

• Offers substantial assistance for down payment and closing costs.
• Provides an interest-free loan for a specified 10-year repayment period.
• Grants flexibility in selecting loan types

Requirements:

• Contribution of $1,000 or 1% of the purchase price (whichever is greater).
• Meets income, purchase price, and credit score requirements.
• Completion of homeownership education before closing.
• Obligatory residency in the purchased property as the primary residence.

How to Apply:

• To apply for the IHDA Access Repayable Mortgage program, interested individuals should contact IHDA-approved mortgage lenders. Access detailed program information and guidance on the application process through the IHDA website.

Indiana

IHCDA First Step Program

The IHCDA First Step program aims to assist qualifying first-time homebuyers by offering down payment assistance of up to 6% of the home’s purchase price. This assistance is provided as a second mortgage, easing the financial burden associated with down payments and closing costs.

Highlights:

• Offers a down payment assistance (DPA) of 6.0% based on the purchase price, not exceeding the appraised value
• Available for first-time homebuyers, with exceptions in specific census tracts or targeted areas
• Option for First Step Conventional Program or First Step FHA Program

Eligibility:

• First-time homebuyers or purchasing in a “Targeted Area” or eligible veterans
• Credit score requirements vary based on financing and property type, with a minimum FICO score of 640 and 680, depending on DTI ratio

Benefits:

• Assists in down payment and closing costs for first-time homebuyers
• Aims to make homeownership more accessible for eligible candidates

Requirements:

• Minimum credit score of 640 (DTI under 45%) or 680 (DTI between 45% and 50%)
• Compliance with IHCDA income and acquisition limits
• $250 non-refundable reservation fee
• Property must be located in the State of Indiana
• Property must be maintained as owner-occupied for the life of the loan
• Eligible properties include single-family homes, condos, townhomes, PUDs, or manufactured homes affixed to a permanent foundation

How to Apply:

• IHCDA recommends that you contact one of the participating lenders and ask them to do a pre-qualification. The lender will review your credit, debt and income situation and determine if you can qualify for a mortgage and the amount you can qualify for.

IHCDA Next Home Program

This program offers qualifying first-time and repeat homebuyers with 2.5% or 3.5% of the price of the home in down payment assistance. It can also be combined with the Mortgage Credit Certificate (MCC).

Highlights:

• Down Payment Assistance (DPA) of 2.50% or 3.50% based on the purchase price, not exceeding the appraised value
• FHA or Conventional 30-year fixed-rate loan
• Credit score requirements vary based on financing and property type, with a minimum FICO score of 640 and 680, depending on DTI ratio

Eligibility:

• First-time and repeat homebuyers
• Credit score requirements vary based on financing and property type, with a minimum FICO score of 640 and 680, depending on DTI ratio

Benefits:

• Assists in down payment and closing costs
• Aims to make homeownership more accessible for eligible candidates

Requirements:

• Minimum credit score of 640 (DTI under 45%) or 680 (DTI between 45% and 50%)
• Compliance with IHCDA income limits (based on location and household size)
• $250 Reservation Fee
• Property must be located in the State of Indiana
• Property must be maintained as owner-occupied for the life of the loan
• Eligible properties include single-family homes, condos, townhomes, PUDs, or manufactured homes affixed to a permanent foundation

How to Apply:

• IHCDA recommends that you contact one of our participating lenders and ask them to do a pre-qualification. The lender will review your credit, debt and income situation and determine if you can qualify for a mortgage and the amount you can qualify for.

IHCDA Step Down Program

The IHCDA Step Down Program offers an interest-only mortgage option for first-time homebuyers in Indiana, providing flexibility and affordability in homeownership. Eligible applicants can choose between FHA or Conventional financing for a 30-year fixed-rate mortgage.

Highlights:

• Interest-only or rate-only mortgage option for first-time homebuyers.
• Available as a 30-year fixed-rate mortgage with FHA or Conventional financing.
• Purchase must be for a primary residence.

Eligibility:

• Must be a first-time homebuyer or purchase in a targeted census tract.
• Must meet income and acquisition limits based on the county of residence.
• Must have sufficient residency status under GSE guidelines.
• Purchase price cannot exceed appraised value.

Benefits:

• Provides an affordable homeownership option for first-time buyers.
• Option to access either the Step Down Conventional Program or Step Down FHA Program.
• Helps buyers in targeted areas or those who haven’t owned a property in the past three years.

Requirements:

• Must meet all eligibility criteria outlined by IHCDA.
• Purchase must be for a primary residence in Indiana.
• Must pay a $250 non-refundable reservation fee.
• Purchase price cannot exceed appraised value.
• Step Down cannot be combined with other IHCDA programs.

How to Apply:

1. Review the eligibility requirements to ensure qualification.
2. Choose between the Step Down Conventional Program or Step Down FHA Program based in eligibility
3. Complete the necessary application forms and documentation.
4. Pay the $250 reservation fee.
5. Work with a participating lender to secure financing.
6. Await approval and processing of your application.

For more information and to access program guides, visit the IHCDA website or consult with a participating lender.

Iowa

FirstHome Program

The FirstHome Program is tailored to aid first-time homebuyers, ensuring a smoother home purchase process.

Highlights:

• Interest Rates are typically lower than the market rate with fewer fees, unaffected by credit score.
• Down Payment varies by loan type, requiring as low as 3% down payment and may include reduced mortgage insurance for borrowers with qualifying income.
• Free Iowa Title Guaranty Owner’s Certificate

Eligibility:

• Household Income Limit: Ranges from $95,200 to $132,710, varies based on county and household size.
• Home Purchase Price Limit: Up to $481,000 (or potentially up to $588,000 in targeted areas).
• Must be a first-time homebuyer OR meet specific military criteria OR purchase a home in a targeted Area.
• Purchased home must serve as the buyer’s primary residence within 60 days of closing.
• Minimum Credit Score of 640 required.
• Maximum Debt-to-Income Ratio is 50%.
• Completed Homebuyer Education: Required for conventional loans
• Check Eligibility checker by clicking here

Benefits:

• Assists first-time homebuyers in securing affordable financing options.
• Down payment and closing cost assistance programs are available to help cover upfront expenses.
• Offers a free Iowa Title Guaranty Owner’s Certificate at closing, providing coverage for potential title issues.

Requirements:

• Satisfy income, credit score, and debt-to-income ratio criteria.
• Comply with property occupancy and real estate history stipulations.
• Complete homebuyer education for conventional loans.

How to Apply:

• Contact IFA Participating Lender to initiate application.

FirstHome Down Payment and Closing Costs Assistance Options

GRANT

The down payment and closing costs assistance grant provides homebuyers with a $2,500 grant to assist with down payment and closing costs.

OR

LOAN

The 2nd Loan program offers a loan of up to 5% of the home’s sale price with no maximum and is repayable at time of sale, refinance or first mortgage is paid in full. No monthly payment required!

*Please note: You cannot combine FirstHome down payment and closing costs options with Homes for Iowans down payment and closing costs options.

IFA Homes for Iowans

The Homes for Iowans program, provided by the Iowa Finance Authority, caters to both first-time and repeat homebuyers, aiming to streamline the home purchasing process.

Highlights:

• Interest Rates have fewer mortgage fees and unaffected by credit score.
• Down Payment varies by loan type, requiring as low as 3% down payment and may include reduced mortgage insurance for borrowers with qualifying income.
• Free Iowa Title Guaranty Owner’s Certificate

Eligibility:

• Household Income Limit: $161,560
• Home Purchase Price Limit: $588,000
• Available to first-time and repeat homebuyers purchasing a primary residence in Iowa.
• The purchased home must become the primary residence within 60 days of closing.
• Minimum 640 credit score required, with some exceptions
• Debt-to-Income Ratio: Maximum 50%
• Homebuyer Education: Mandatory for conventional loans
• Check Eligibility checker by clicking here

Benefits:

• Assists homebuyers in securing affordable financing options.
• Down payment and closing cost assistance programs are available to help cover upfront expenses.
• Offers a free Iowa Title Guaranty Owner’s Certificate at closing, providing coverage for potential title issues.

Requirements:

• Satisfy income, credit score, and debt-to-income ratio criteria.
• Comply with property occupancy and real estate history stipulations.
• Complete homebuyer education for conventional loans.

How to Apply:

• Contact IFA Participating Lender to initiate application.

Homes for Iowans Down Payment and Closing Costs Assistance Option

LOAN

The 2nd Loan program offers a loan of up to 5% of the home’s sale price with no maximum and is repayable at time of sale, refinance or first mortgage is paid in full. No monthly payment required!

• Please note: You cannot combine Homes for Iowans down payment and closing costs options with FirstHome down payment and closing costs options.

IFA Military Homeownership Assistance Program

The IFA’s Military Homeownership Assistance Program provides eligible service members, veterans, and surviving spouses with support for down payments and closing costs. This program offers a $5,000 grant and it can be paired with a FirstHome or Homes for Iowans mortgage programs.

Highlights:

• • Grant of $5,000 available for down payment and closing costs.
  • Applicable to single-family homes, condominiums, townhomes, or up to four-unit residences (where one unit serves as the primary residence).

Eligibility:

• • Service members who have completed 90 days of active duty between August 2, 1990 and April 6, 1991 or September 11, 2001 to present.
  • A federal status injured service person having served in active duty August 2, 1990 to April 6, 1991 or September 11, 2001 to present.
  • Surviving spouses of eligible service persons with a discharge other than dishonorable.

* Please note: Active duty need not be consecutive; it may be cumulative. Inactive duty training, annual training and active duty for training may not count toward active duty.

• • Eligible properties include single-family residences, condominiums, townhomes, or properties containing up to four units (where one unit serves as the primary residence).

Requirements:

• • Approval required prior to closing on a qualified home.
  • Must utilize an IFA participating or facilitating lender to receive a non-IFA first mortgage if IFA deems it economically feasible and financially advantageous.
  • Property must be situated in Iowa and purchased by the eligible service member.
  • Home must be occupied by the service member/spouse as the borrower’s primary residence within 60 days of closing.

How to Apply:

• • Contact an IFA participating lender to initiate the application process and to verify eligibility.

*Please note: The program is limited to funding availability.