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There are many wondering, can I use my $8,000 First-Time Home buyer tax credit as a down payment in Idaho?

There are many rumors circulating about the possibility of Idaho First-time homebuyers being able to use their $8,000 tax credit as a down payment. As of today you are not able to use the tax credit as a direct down payment but in the near future it might be a possibility. However, Don’t let that frustrate you.

Idaho Housing & Finance association (IHFA) has several programs that allow you to get 100% financing. They even have a Tax Credit 2nd loan that will allow you to take out a loan not to exceed 5% or $7,000 of the sales price. This tax credit 2nd loan enables Idaho First-Time Homebuyers to finance 100% of the purchase of their new home.

This Tax Credit 2nd loan has a pay back due date of July 1, 2010. With this tax credit 2nd mortgage you are expected to pay back the loan after you receive your $8,000 tax credit. However, you are not required to pay this loan back by July 1, 2010. If you decide you want to use your $8,000 tax credit for something else the only thing that will happen is the interest rate on the tax credit 2nd loan will adjust upward and become a 30 year fixed mortgage.

If you have any questions pertaining to home loans in Idaho give me a call or email me and I will have an answer for you.

Michelle Guth
Diversified Mortgage Group
Branch Manager/Owner
Direct: 208-475-0865
Loanswithmichelle@gmail.com
ID MBL-5696 / NMLS # 36853 / 36852 / 1850
www.idahohomegroup.com

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