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Good Credit Rewards Program

Idaho

Available Assistance

The Good Credit Rewards program provides qualifying applicants with down payment and closing costs assistance. Applicants receive assistance funds based on need, in the form of a 10-year second mortgage, which works in conjunction with a primary mortgage from Idaho Housing. This second mortgage will be offered at 2 percent above Idaho Housing’s standard interest rates. The 10-year term keeps monthly payments low, so borrowers can easily qualify for the loan amount they need. The maximum loan amount for down payment assistance is 2.5 percent or $8,000, whichever is less.

Eligibility Requirements

To be considered eligible for the Good Credit Rewards Program, all applicants must meet certain requirements. Homebuyers financing with the Advantage or Preferred primary mortgage must have a credit score of at least 680, while those with First loan products must have 640 or higher. Applicants are required to contribute at least .5 percent of the purchase price from their own funds. First-time homebuyer income limits apply for FHA loans. Additionally, if both borrowers are first-time homebuyers, one of them must complete the Finally Home!® Homebuyer Education course. This course covers a number of topics, including budgeting, understanding credit, the closing process, and costs associated with home buying.

Property Guidelines

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