$8,000 Dollar Tax Credit? To me it is interesting that the Government is offering 1st time home buyers $8,000 if they will buy a home before December 1, 2009. What’s interesting is that most of people that qualify are not taking advantage of this! I live in the Boise Idaho area, and Idaho has the Idaho Housing and Finance Association, better known for the loans that IdaMortgage makes and can be found at IdaMortgage.Com. IdaMortgage is there to assist people in financing their home. IdaMortgage will allow you to borrow up to $7,000 of the $8,000 Tax Credit and you have to pay the $7,000 off when you get the $8,000 dollars back when you file your taxes. What I don’t understand is that you would have to put 3 ½ % down on a home and the $7,000 loan works for that. Here’s an example of how this could work. I know where there’s a subdivision in Meridian Idaho that has 1230 square foot New homes listed for $146,900. You need 3 ½% for the down payment. $146,900 X 3 ½% = $5,141.50, so the $7,000 you got from IdaMortgage took care of the down payment and leaves you $1,858.50 of the $7,000 to use for your closing cost! So you say, how much are the closing cost? Well, there’s a lot of builders out there that would be glad to contribute a couple thousand toward your closing cost to get one of their houses sold right now so, if you talk the builder into contributing $2,000 and you have $1,858 of the $7,000 left it adds up to $3,858 dollars you have for closing which in this case should pretty much pay all your closing cost. Of course, I’m not an account, attorney, or lender and I’d advise you talk with yours before making a discussion, but you could theoretically buy a house with little or no money out of your own pocket with this tax credit and a good REATOR© and lender representing you to structure the transaction. Even better is that IdaMortgage is offering 5.150% interest loans on their website right now!
Here’s what it takes to qualify for IdaMortgage’s Down Payment and Closing Cost Assistance Program.
Tax Credit 2nd Loan
- Must be a first-time homebuyer.
- Must have a FICO score of no less than 640, and a total debt ratio of no more than 45%.
- Homebuyer qualifies for an IdaMortgage loan.
- The loan will accrue interest at 3.0% with a due date of July 1, 2010.
- Loan offered in the amount not to exceed 5% of the sales price or $7,000.
- Homebuyer Education is required.
Visit IdaMortgage today and when you’re qualified or have any questions call Tom 208-861-2344
(I don’t know if all states have similar programs available so check with your local REALTORs© and Lenders for more information.)
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SilverCreek Realty
254 S Cole Rd Boise, Id 83709 208-377-0422 |
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