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 home buyers who purchase a home by April 30, 2010. 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 IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.

In conjunction with an IdaMortgage loan, a Tax Credit 2nd Loan will be offered to qualified first-time homebuyers in the amount not to exceed 5% of the sales price or up to $7,000.  For qualified non first time homebuyers, up to $6,000 is available but you must have lived in the home at least five years of the last eight years. This tax credit is available to qualified home buyers who purchase a home by April 30, 2010. 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. Borrower must qualify for an IdaMortgage loan, and complete Finally Home! ® Homebuyer Education class if a first time buyer. To learn more about this program click below:

Click here to view and print IRS Form 5405 to file for your First-time Homebuyer Credit.

Click here to view all IdaMortgage loan products and Down Payment Assistance programs available.
Click here to view information on the Housing Stimulus Bill.