Posted by: Bill Cady | February 19, 2010

New Recovery Act for Idaho Home Buyers

Bill Cady is your Meridian Idaho Realtor and he provides the best in unique Idaho homes and property. He can help you find homes in Eagle Idaho, Boise, and anywhere in the Treasure Valley and make the home buying process as hassle-free as possible! Not sure if you can afford to buy a home in Idaho? Contact Bill Cady, he can help you find out if you qualify as well as get you the most home for your dollar! And now, your Idaho Real Estate News from Bill:

The American Recovery and Reinvestment Act of 2009 provides a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of $8,000.This home buyer tax credit is available to qualified homebuyers who are under contract for a home by April 30th, 2010, and the home LOSES/FUNDS/RECORDS by June 30th, 2010. 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 homebuyers in the amount not to exceed 5% of the sales price or $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 365 days after you close loan, then it goes to 3% above your current note rate.The Tax Credit 2nd Loan is expected to be paid off from the borrower’s tax refund obtained through the application of the federal tax credit.

The borrower must be a first-time homebuyer and qualify for an IdaMortgage loan. If the homebuyer defaults on the loan and cannot repay at that time, IHFA has the option of pursuing foreclosure as described in the deed of trust, or modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.

UPDATE! Have you owned your home for 5 of the last 8 years?
For homeowners who have owned their homes 5 of the last 8 years, IHFA is now offering a Tax Credit 2nd Loan for up to $6,000.

Stay tuned to this Boise Idaho Real Estate blog for the latest real estate news for Idaho and the country! Want to find the best homes in Idaho? Contact Bill Cady, he is a qualified, skilled Meridian Realtor who can help you find homes and properties in Idaho fast!

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