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Tuesday, June 8, 2010
Friday, June 4, 2010
NEW IHFA PROGRAM COMING
Next week IHFA will launch two new products for creditworthy homebuyers through the IdaMortgage program. Here are details of each of the products.
Affordable Advantage Loan
The new Affordable Advantage Loan offers financing for homebuyers with as little as $1,000 in down payment, and has no private mortgage insurance requirement, lowering monthly mortgage payments for homeowners.
New Homebuyer Tax Credit
This homebuyer tax credit is exclusive to IHFA, and can be used in conjunction with IdaMortgage's First loan program or the new Affordable Advantage loan program. The timing of this is significant as it will become available on the heels of the expiration of the federal homebuyer tax credit. Conventional, FHA, and RD loans are all eligible for this credit. In addition to low interest rates on their loan, this allows qualified homebuyers to file with their federal income tax return an additional tax credit of up 20% of the mortgage interest paid, a maximum of $2,000 each year, for the first ten years of the loan.
For a $120,000 loan, a qualified homebuyer would be eligible for a $1,300 tax credit the first year, and over a ten year period, would be eligible for more than $10,000 of tax credits.
Affordable Advantage Loan
The new Affordable Advantage Loan offers financing for homebuyers with as little as $1,000 in down payment, and has no private mortgage insurance requirement, lowering monthly mortgage payments for homeowners.
New Homebuyer Tax Credit
This homebuyer tax credit is exclusive to IHFA, and can be used in conjunction with IdaMortgage's First loan program or the new Affordable Advantage loan program. The timing of this is significant as it will become available on the heels of the expiration of the federal homebuyer tax credit. Conventional, FHA, and RD loans are all eligible for this credit. In addition to low interest rates on their loan, this allows qualified homebuyers to file with their federal income tax return an additional tax credit of up 20% of the mortgage interest paid, a maximum of $2,000 each year, for the first ten years of the loan.
For a $120,000 loan, a qualified homebuyer would be eligible for a $1,300 tax credit the first year, and over a ten year period, would be eligible for more than $10,000 of tax credits.
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