With all the recent changes in financing and the new laws that have been past, its easy to get misinformation or confusion on whats new in home financing.
This year, our congress and president approved a first time home buyer tax credit of $7500. Its only available for a short time, so now is the time to get those clients who are sitting on the fence off it and into a home of their own.
Rather than go into detail here, I have found a pretty good website that explains the provisions of the new credit. It is http://www.federalhousingtaxcredit.com/resources.html
See item 13. The tax credit is not available if the borrower uses a tax exempt bond program ,such as the IHFA first time home buyer program.
Trinity Home Mortgage offers fast approvals and closings. We can close loans in days, not weeks. We are members of the Idaho Association of Mortgage Brokers and the Boise Metro Chamber of Commerce.
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How about if we use the $20,000 down payment grant, but go with IFHA's Advantage loan, will we qualify for the tax credit then?
Hi Carmen,
Its my understanding that the Advantage program does not use tax exempt bonds, so you should be eligible for the tax credit.