First Time Homebuyer Tax Credit Q & A

First-Time Homebuyer Tax Credit Q & A

*Is the program available to all first-time homebuyers? Yes - the program is available now until December 1, 2009 for qualifying first-time homebuyers. For more information on the tax credit and qualifications click here . The National Association of REALTORS® is actively working to extend the credit through 2010 and permit all purchasers to utilize it.

*Does Idaho have a way for a homebuyer to access the funds for a down payment? Yes - With ACARs encouragement, The Idaho Housing and Finance Association implemented the Tax Credit Advance Loan to access funds at the time of closing. Idaho is one of 10 states offering the advance.

*In Idaho will the REALTOR® Associations pay off interest on the tax credit advance loan? Yes - 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.

*Can lenders is Idaho access the tax credit advance loan? Yes - 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

For more information contact:

Miguel Legarreta, Director of Public Policy 208-947-7226 mlegarreta@adacounty-realtors.com
Marc Lebowitz, Executive Officer 208-947-7229 mlebowitz@adcounty-realtors.com