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Punkin Home

Home Ownership Opportunity
for 80% of Area Median Income Earners

Punkin — Aspen-model home

8 Punkin Center Rd, Gannett, ID 83313

Home Details

  • Modular home by Irontown Homes: “Aspen” Model
    Home size: 1274 SF
  • 3 bedrooms
  • 2 bathrooms
  • Covered front porch
  • Laundry room
  • Lot size: 0.82 acres
  • Individual well and septic
  • Heat: Electric Heat Pump, Forced Air
  • Appliances Included: Refrigerator, Electric Oven/Range, Dishwasher
  • Snow load 65 PSF
  • Land Lease of 99 years – $30/month to be paid to ARCH
  • Byington Acres subdivision
  • Zoning A-20

Price & Down Payment Assistance (DPA)

Note:
  • The HOME / IHFA Down Payment Assistance (DPA) can be up to a maximum of 40% ($177,480) of purchase price. The amount of DPA provided to a qualified household is based on the HOME department’s determination of need.
  • The DPA can cover down payment and/or closing costs.
  • The DPA is a 0% interest, deferred payment second loan, which is assumed by each qualified household as long as all requirements continue to be met during the Period of Affordability (POA) of 15 years. After the POA is met, the DPA is forgiven at 1/10th per year, beginning in year 16 and concluding in year 25, at which time the balance will be zero.

Qualifications

Buyers must earn at, or below, 80% of AMI (Area Median Income)
  • The unit must be Owner-occupied. The DPA permits exceptions for military or educational purposes with IHFA approval.
  • Owner cannot own other real property, manufactured units (personal property), or similar dwelling units – this applies to all occupants of the home including non-owners.
  • Total assets for the Household must be less than $25,000.00 at closing. This applies to all occupants of the home including non-owners.
  • Federal Occupancy rules shall apply.
  • All Homebuyers who will be on title must complete an IHFA-approved Homebuyer Education course, i.e. Finally Home!® and complete at least one individual (one-on-one) homebuyer counseling session (Finally HOME! Housing Counseling) with a HUD certified housing counseling provider.
  • Recertification of Qualifications prior to closing is at IHFA’s discretion. Recertification is not required after purchase.

Resale Details

  • Future buyers must meet the same qualifications as above.
  • Resale sales price will allow for (but not guarantee) up to 25% appreciation based on appraised value. This is calculated using the homeowner’s original purchase price, plus the Owner’s Fair Return on Investment*
  • Capital improvements are not factored into the Max Resale Price.
  • No subsequent loans will be permitted without permission from IHFA during the Period of Affordability and from ARCH in perpetuity.
  • A 1% Administrative Fee may be due upon sale, payable by Owner/Seller.

* See “Sales Price Determination During HOME Period of Affordability” section in the IHFA Chapter 2 – C Down Payment Assistance and Homebuyer Qualification HOME, HTF & NSP Annual Administrative Plan document.

Home Documents

Flyer 8 Punkin Center 

“Aspen” Structural Plans

CC&Rs and Plat 8 Punkin Center

Agreement to autopay land lease fees

ARCH Direct Debit Auth Form

Deed Covenant/Restriction Documents

Acknowledgement and Acceptance 

Ground Lease (Community Land Trust)

HOME Addendum

Exhibit O

Important Lender/IHFA Down Payment Assistance Info


2024 Single Family RFP Guidance and Requirements

Down Payment Assistance and Homebuyer Qualification

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