NORTH Idaho Real Estate Pro


Home Buyer Tax Credit CAN be used for Down Payment in IDAHO - Here is how

IHFA's Down Payment Assistance Tax Credit Advance - TAX CREDIT 2nd LOAN

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 December 1, 2009. 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 subordinate loan will be offered to qualified borrowers of up to $7,000, not to exceed 100% CLTV at 3.0% interest and with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrowers tax refund obtained through use of the federal tax credit.

Borrower qualifications are:

1) first time homebuyer (Has not owned a home in at least 3-years) 

2) FICO score of no less than 640, and a total debt ratio of no more than 45% ,

3) completed certification from the home buyer and a qualified tax preparer that he/she expects a tax refund of at least the amount of the loan, and

4) qualifies for an IdaMortgage loan. First time homebuyers with credit scores of 700+ will not be required to produce a certification.

Idaho Housing and Finance Association (visit


Please contact me with any of your Real Estate / Relocation / Referral needs:

Coeur d'Alene, Idaho - City by the Lake

Pam Jank, Realtor, GRI, CRS, ABR, RRS, PPS
Previews Property Specialist
Your North Idaho Real Estate Pro
FREE MLS Listings Search at:
Web:  Coeur d'Alene Idaho Homes for Sale
Phone:  208-661-2282
Fax:  208-772-628 Toll Free:  800-829-2555 EXT.1275
435 W. Hanley Avenue
Coeur d'Alene, ID  838315


Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)Pam Jank, CRS, GRI, ABR, CNE, RRS, Realtor(c)
Your North Idaho Real Estate Pro - Your Free Local MLS Property Search Link
208-661-2282 or Toll Free 800-829-2555 ext. 1275
Coldwell Banker Schneidmiller Realty
1924 Northwest Blvd, Coeur d'Alene ID 83814


Equal Opportunity HousingEqual Opportunity Housing

 Lake Coeur d'Alene

Comment balloon 2 commentsPam Jank • May 21 2009 04:16AM


Great News!  Thanks for sharing.  I am sure we will see many other programs to follow.

Posted by Sheri Spain, Wake Co. NC REALTOR Apex to Raleigh to Wake Forest (Next Home Team) over 9 years ago

Pam, thanks for making this 2nd loan more understandable.  I sure this will help benifit many new buyers.

Posted by Tim Jank (Jank & Associates) over 9 years ago