First Time Home Buyers can use their Tax Credit towards their down payment

Here in Idaho, we are lucky to have the ability to use the new tax credit for a first time home buyer's down payment. We can write a 2nd mortgage up to 3.5% of the purchase price ($7,000 limit) that can be the required down payment on an FHA mortgage. This new, "tax credit anticipation loan" is due in full next year after you receive your tax credit from the IRS. Some of the requirements are:

Must be approved for a FHA Mortgage

Must be a first time home buyer in Idaho

Must have a fico score of 640 or higher

Must have a debt to income ratio of no more than 45%

There are other requirements and terms that need to be discussed, so call me at 208-861-7579 to schedule an appointment. Tell me that you wish to discuss the FHA Mortgage and the Tax Credit Anticipation Loan. I look forward to meeting with you.