Boise Homeownership Opportunity Program
$45,000
About the Program
The City of Boise (the City) supports homeownership opportunities by providing assistance in the form of a mortgage to qualified homebuyers purchasing homes within Boise city limits. This program is supported through the City’s annual funding allocation from the U.S. Department of Housing and Urban Development’s entitlement grants.
Through the Homeownership Opportunity Program (HOP), the City’s funds can be used toward an eligible buyer’s down payment and/or closing costs and can provide direct financing that reduces the size of a buyer’s primary loan (i.e., first mortgage) to a level that is affordable.
Household Eligibility
Households must have a gross household income of at least 50% and no more than 80% of the Area Median Income (AMI), as published annually by HUD.
In providing assistance to homebuyers, the City wants to ensure that participating buyers will be successful homeowners; therefore, the program targets households with enough income to afford a mortgage and the other costs associated with homeownership.
1 The term “manufactured home” will be used throughout this document and should be interpreted to include mobile and modular homes, in addition to traditionally defined manufactured homes.
2 Homeownership Opportunity Program Policy – Households must have a gross household income of at least 50% and no more than 80% of the Area Median Income (AMI), as published annually by HUD and calculated per the regulations at 24 CFR 5.609 and the City’s Income Calculation Guide. All persons named on the loan documents must occupy the home, and their income must be included in the eligibility calculation. A non-occupant co-borrower is not allowed.
How to Apply
The City only accepts referrals to the Homeownership Opportunity Program through its designated partner organizations. Potential buyers may work with either NeighborWorks Boise or LEAP Housing to complete the prerequisite housing counseling and to secure primary financing.
For more information, please review the Homeownership Opportunity Program Policy and Loan Terms and Underwriting Requirements.
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