First Time Home Buyer

Home Mortgage Resources 5466 E Franklin Rd Nampa Id 83687 208-577-5300: Below are some questions answered about the First Time Homebuyers Tax Credit, as well as some additional programs offered in Idaho that coincide....

Is the program available to all first-time homebuyers?
Yes - the program is available now until December 1, 2009 for qualifying first-time homebuyers or home buyers who have not owned a home within the last three years.
The National Association of REALTORS® is actively working to extend the credit through 2010 and permit all purchasers to utilize it.
Does Idaho have a way for a homebuyer to access the funds for a down payment?
Yes - With ACARs encouragement, The Idaho Housing and Finance Association implemented the Tax Credit Advance Loan to access funds at the time of closing. Idaho is one of 10 states offering the advance.
IHFA’s Down Payment Assistance Tax Credit Advance
The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-timehomebuyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified home buyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term
Tax Credit 2nd Loan to qualified buyers.
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified borrowers of up to $7,000, not to exceed 100% CLTV at 3.0% interest and with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrowers tax refund obtained through use of the federal tax credit. Borrower qualifications are; 1) first time homebuyer, 2) FICO score of no less than 640, and a total debt ratio of no more than 45% , 3) completed certification from the home buyer and a qualified tax preparer that he/she expects a tax refund of at least the amount of the loan, and 4) qualifies for an IdaMortgage loan. First time homebuyers with credit scores of 700+ will not be required to produce a certification.

In Idaho will the REALTOR® Associations pay off interest on the tax credit advance loan?
Yes - To help encourage home ownership, REALTORS® Associations in Idaho created the Welcome Home Idaho program. REALTORS® in Idaho have offered to pay off the interest on the tax credit loans to individuals who pay off the loan by the due date of July 1st 2009. The availability of the payoff is on a first come first served basis until the contributed funds are gone.
Can lenders is Idaho access the tax credit advance loan?
Yes - According to IHFA, "any lender making that statement they will not utilize the credit is doing so based on an internal company policy. There is no reason that every approved IHFA lender cannot offer the Tax Credit Advance right now. In fact nearly 800 Idahoans have applied for it since it was introduced in March." For a list of IHFA approved lenders go to www.ihfa.org

If you or anyone you know is interested in taking advantage of these tax credits, or has any questions about the state of today's market, please contact me, I'd love to help out in any way I can!