The North Idaho Housing Coalition has helped more than 40 families and individuals purchase quality homes in the past two years. If you meet the requirments below, we may be able to help you also!
Please review this information and if you meet the requirements, complete the application form and you will be contacted by one of our staff. You can also contact our director Lori Isenberg at lori@northidahohousing.org
Click here http://www.TinaHood.com to view available homes
Program Requirements
- Gross annual household income cannot exceed 120% of the area median income as established by HUD; shown in this chart for 2012.
- Buyers must have a letter from their lender stating they meet the income restrictions and the maximum amount of loan they are qualified for.
- Non-retirement, liquid assets in excess of $5,000 must be used to pay down debt or for down payment.
- Homeownership Assistance is available up to 20% of the purchase price and is provided in the form of a no-interest, no payment second mortgage, to be repaid at the time of sale or refinance of the home.
- Homeownership Assistance is based on “need” as determined by Idaho Housing and Finance Association at the time of underwriting.
- Federal funding requires buyers have documented “need” to participate in the program; such as not enough cash available for closing costs.
- Home must be the primary residence of buyer; they cannot own other property.
- Buyer must complete 8 hours of classroom instruction of the IHFA FinallyHome education course.
- Buyer must participate in NIHC community service program (8 hours for the non-profit of buyer’s choice).
- First mortgage must be by an IHFA approved lender/broker. NSP may be used in conjunction with an IHFA 1st mortgage product, such as FHA, Conventional, VA or USDA.
- Approved IHFA lenders can either use an IHFA 1st mortgage product or one of their own products. Must be a fixed-rate 30 year conventional or government-insured loan.
- Approved IHFA brokers originate the loan and choose an IHFA 1st mortgage product. IHFA homeownership lending department will underwrite and fund the file. If brokers do not use an IHFA 1st mortgage product, the broker is not considered to be an approved IHFA broker.
- If IHFA homeownership lending department has issued a Statement of Credit Denial, or Termination of Loan the applicant is no longer eligible for an NSP property.
For more information, contact your Realtor or Lori Isenberg, NIHC Executive Director lori@northidahohousing.org 665-HOME (4663), cell: 755.7282.
This program is funded by a grant from Idaho Housing and Association and HUD. www.ihfa.org/housing-stimulus/neighborhood-stabilization-program-nsp.aspx