June 14th, 2009
Using the $8000 First-Time Home Buyer Tax Credit for a Down Payment
The Idaho Housing and Finance Association implemented the Tax Credit Advance Loan to access funds at the time of closing. Idaho is currently one of 10 states offering the advance.
In addition, 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.
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.
Please feel free to contact me at Tina@TinaVorbeck.com if you have any questions about this incredible home-buying opportunity.
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