First Time Home Buyer Assistance in Idaho

Are you a “First Time Home Buyer*?” If you are, the Federal Government would like to give you a tax credit for purchasing a home.

Congress recently passed and the President signed the American Recovery and Reinvestment Act which includes a provision for a tax credit for first time home buyers. The provision is similar to the one enacted last summer in an effort to entice first time home buyers to purchase some of the inventory of homes available in most markets. However, this new provision has some substantial differences including:

1) The amount of the credit has been increased to a maximum of $8,000.;
2) The tax credit is available even if you use Idaho Housing & Finance Association money;
3) The tax credit does not have to be repaid – it’s free money; and
4) If the home is sold within the first 3 years, the entire amount of the credit is recaptured in the sale.

That tax credit along with historically low interest rates – hovering around 5% – makes this a great time to buy. If you have been thinking about purchasing a home, please call me for more details about this program.

*First Time Home Buyers is defined as “not having owned a principal residence for 3 years prior to purchasing”. So if you’ve owned a home in the past, you may be eligible to purchase under this plan and receive the tax credit. [CONTACT-FORM]