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 | IHFA’S NEW DOWN PAYMENT ASSISTANCE TAX CREDIT ADVANCE |
 james writes "The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of 10% of the sales price, up to a maximum of
$8,000. This tax credit is available to qualified homebuyers 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 IdaMortagage lending program, is offering a new 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 at3.0% with a due date of July 1, 2010. The borrower must have a FICO core of no less then 640, and a total debt ratio of no more then 45%. 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. Homebuyer Education is required. |
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