In an effort to stabilize and revitalize the housing market Idaho REALTOR® Associations are working to make homeownership a possibility for First-Time Homebuyers buy helping them overcome the greatest barrier – money for the down payment.
The National Association of REALTORS® (NAR) advocated for the Federal First-Time Homebuyer Tax Loan to become a Credit by removing the repayment feature and creating a true tax credit for homebuyers. The Federal First-Time Homebuyer Tax Credit of 2009 (now extended through April 30th 2010!!) was created by Congress to encourage new homebuyers.
Idaho Housing and Finance Association (IHFA) saw the need and developed a loan program to qualified first time homebuyers in the amount not to exceed 5% of the sales price or $7,000.
The REALTOR® Associations in Idaho wanted to make this loan program and tax credit event more accessible and created the Welcome Home Program. The program includes an interest rate buy down to help offset cost associated with homeownership. The REALTOR® Community Foundation will pay off the interest and fees on the (IHFA) short-term loan if the first time homebuyer pays it off by the due date, making this a 0% loan!
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Make sure programs like this continue and help maximize our political power through the REALTORS® Political Action Committee (RPAC), which raises funds from REALTORS® and uses those funds to help elect candidates for public office who share our views on issues that affect our industry and shape our communities.
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