BOISE, ID – December 21, 2009 – (RealEstateRama) — Qualified homebuyers can now take advantage of the recent extension and expanded provisions of the federal homebuyer tax credit of $8,000 for first-time homebuyers and $6,500 for homebuyers who have lived in their home for the past five years. To be eligible for this tax credit, homebuyers must sign a contract for a new home by April 30, 2010 and close on the home by June 30, 2010.
In line with these new requirements, IdaMortgage, brought to you by Idaho Housing and Finance Association (IHFA), has extended and expanded its Tax Credit 2nd Loan program. The program enables qualified first-time homebuyers to monetize the tax credit upfront up to $7,000, and now qualified non first-time homebuyers can monetize up to $6,000. These funds can be used for down payment and closing costs for the purchase of a new home. The Tax Credit 2nd Loan program extension will be offered until April 30, 2010, and the home sale must close by June 30, 2010.
“This is an excellent opportunity for Idaho homebuyers to take advantage of this extension and the Tax Credit 2nd Loan program. It’s a great time to purchase a new home,” said Gerald Hunter, IHFA president and executive director.
The Tax Credit 2nd Loan is offered through participating lending partners statewide. This subordinate loan works in conjunction with an IdaMortgage loan and is expected to be paid off from the borrower’s tax refund that includes the federal tax credit. Payments on this loan will be deferred for one year. A $250 fee will be charged, but $150 will be refunded to the borrower upon loan repayment by the end of the first year of the loan.
For more details on this program, visit www.idamortgage.com and click on the Down Payment assistance link, or call (208) 331-4881 in the Treasure Valley, or toll-free at 1-877-447-2687.
Contact:
Lisa Davis lisad (at) ihfa (dot) org
IHFA Public & Media Relations Officer
208-331-4858
Steve Rector stever (at) ihfa (dot) org
Public Affairs Director
208-331-4725
