Falcons Landing homes

Homeownership made affordable
in mountain home, id

Starting at just $310,000.
up to $100,000 in Down PaYment Assistance
& 3.5% APR financing available!

*Please note that filling out the form and becoming income qualified does not guarantee you the opportunity to purchase a LEAP home.

Be one of the first homeowners in Mountain Home's newest community, Falcons Landing. Brought to Elmore County by LEAP Housing, a Idaho-based nonprofit, buyers can achieve the dream of homeownership with an affordable monthly payment.

With 8 homeownership opportunities designated for households earning 80% of area median income (AMI) or below, LEAP is creating homeownership that is affordable to local wages through the LEAP Housing Trust.

Features and Benefits

• 3 bedroom, 2 bathroom homes with 1,277 sq/ft

• Pay no more than 35% of household income on housing costs

• Up to $100,000 is available in down payment assistance

• Income restricted for hard-working Idahoans earning below 80% AMI

• Access to a community clubhouse, playground, and future amenities

• Support from LEAP’s ‘Communities’ Team after-purchase

How to get started

• Complete the intake form (LEAP will call in under 48 hrs)

• Meet with a mortgage lender

• Get loan approval, go under contract

• Apply for Down Payment Assistance (DPA)

• Close on the purchase

• Contribute sweat equity towards the home

Information for buyers, realtors, and lenders

How to finance a purchase

Path 1: FHA + $100K Down Payment Assistance

A Federal Housing Administration (FHA) loan is a mortgage that is insured by the U.S. government's FHA and issued by an FHA-approved lender. The buyer will pair that with Down Payment Assistance up to $100,000 to complete the home purchase.

Buyers can also obtain financing through a bank portfolio loan.

Path 2: 502 Direct + Subsidy Provided‍ ‍

A 502 Direct Loan, also known as the Single Family Housing Direct Home Loan Program, is a USDA program that helps applicants purchase housing in rural areas by providing a subsidized interest rate. Paired with subsidy, effective interest rates can be as low as 1%, accommodating the borrower’s actual situation through LEAP and USDA underwriting.

It is recommended to pursue ‘Path 1’ first, due to limited 502 funding with USDA.

Sweat Equity (SHOP) to Reduce Housing Costs

The Self-Help Homeownership Opportunity Program (SHOP) is a federal HUD program supporting buyers through sweat equity. (60-120 hours.) Buyers get to know their neighbors while participating, earning real money paid as closing costs. Sweat equity includes painting, clean-up, and more.

All buyers will participate in the SHOP program.

Annual Income Limits (Maximum)

Household Size | Path 1 Limit | Path 2 Limit‍ ‍

1 $43,350 $61,900

2 $49,550 $61,900

3 $55,750 $61,900

4 $61,900 $81,750

5 $66,900 $81,750

6 $71,850 $81,750

If you think you may qualify, fill out the form below.
A LEAP representative will reach out to you within 48 hours of your responses being submitted.

Ready to get started?

Ready to own your own home? Start a new chapter at Falcons Landing.

*Please note that filling out the form and becoming income qualified does not guarantee you the opportunity to purchase a LEAP home.

How the LEAP Housing Trust Works

LEAP holds the land in a Community Land Trust, removing the cost of land from the sale price of the home. Keeping homes in the trust also allows LEAP to ensure that they will remain affordable for buyer after buyer, while allowing homeowners the stability and wealth building opportunity of homeownership.

Get in touch with our team

Contact LEAP Housing:

info@leaphousing.org

(208) 391-2823