Boise’s Best Realtors

IHFA just released news that they will now offer a 2nd loan to cover the $8k tax credit available to first time buyers.  This would allow buyers to get the money up front(sooner than the check that comes from the IRS) and use it for closing costs, down payment, etc.  Call Jennifer Conklin)208-371-4766) at Guild Mortgage for more information:

The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time home buyers 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 first time home buyers in 5% of the sales price up to $7,000. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loanis expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit. Borrower must be a first-time home buyer and qualify for an IdaMortgage loan.

Home Buyer Education is required.