Pocatello Neighborhood Housing Services

HOME IMPROVEMENT LOAN

Home Improvement Loans are available to residents of the six PNHS targeted neighborhoods with special emphasis on low-to-moderate income applicants who earn less that 80% of area median income (as shown on the scale below). On an exception basis, these loans can be provided to residents who live outside one of the six neighborhood as long as the home is inside the Pocatello city limits.There is very unique financing involved with these loans which allow us to tailor the loan to adjust to the specific needs of all income levels. The loan is in two parts with a portion fully amortized and a portion deferred. The formula used to calculate how much each portion will be is based entirely on income level. For example, if family earns 50% of the area median income, 50% of the loan would be amortized for 180 months at a 4% annual interest rate and 50% would be completely deferred at 0% interest.

PNHS will facilitate your Home Improvement loan from start to finish. We not only provide the financing, we secure the bid from contractors who are licensed, bonded and insured and carry all applicable environmental certifications. Additionally, we help you identify hidden health and safety issues in your home. All recipients of PNHS Home Improvement loans must complete a three hour long homeownership class.

Click here for more information about our home improvement loan program.

OTHER LOAN PROGRAMS OFFERED by PNHS

Closing Cost Assistance

• Must be in Pocatello City Limits
• Income limited to 115% of median income (based on household size)*
• Liquid Assets less than $5,000
• Borrower does not have to be first time homebuyer
• HomeBuyer Education class offered by PNHS must be completed
• Borrower to contribute the lesser of $1000 or 1% of Sales Price of their own
  
• Funds (Earnest money can satisfy this requirement)

Down Payment Assistance

• Must be in Pocatello City Limits
• Income limited to 115% of median income (based on household size)*
• Liquid Assets less than $5,000
• Borrower does not have to be first time homebuyer
• HomeBuyer Education class offered by PNHS must be completed

Some restrictions apply in secondary financing for down payment, please contact our office at (208) 232-9468 for additional information.

• For FHA first mortgages borrower must make an investment of at least 3.5% of the cost to acquire the property from a source acceptable to HUD (this source does not include a nonprofit which establishes a lien for this funded amount)

2012 Income Limits for Bannock County

*Borrower(s) cannot EXCEED these amounts*

No late payments in Last 12 Months
DTI (Debt to Income) 31%/41%

Terms of Down payment closing cost loans are as follows:

Amortizing/length of loan     180 months
Interest rate                        6%
APR                                    6.168%