The Tax Credit 2nd Loan Program has been Extended

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 now available to qualified homebuyers who purchase a home by April 30, 2010, and close the transaction no later than June 30, 2010.
IdaMortgage will continue to assist buyers by monetizing this tax credit for down payment and closing costs when they purchase a home through its IdaMortgage lending program, with the special short-term Tax Credit 2nd Loan to qualified buyers.
An additional tax credit has been approved by Congress for NON-first-time homebuyers who have lived in their primary residence for 5 of the last 8 years. This tax credit is up to $6,500, and IdaMortgage will offer the Tax Credit Second loan for down payments and closing cost assistance for qualified buyers up to $6,000.
A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date in one year. 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.
If the homebuyer cannot repay at that time, IHFA will modify the loan to amortize over the remaining term of the first mortgage loan at an interest rate of 3% higher than the first mortgage rate.