Falcons Landing Townhomes

Homeownership | Staged Home: 1339 SW Harrier Avenue, Mountain Home, ID 83647

Listed at $299,000 with up to $100,000 in Down PaYment Assistance

*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 no more than 35% of a household’s income.

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.

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.

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