KIVITV.COM | Boise. News, Breaking News, Weather and Sports-Caldwell Homes Can Qualify For Federal Loans
Member Center:
A program stemming from stimulus money can help families move into Canyon County if they pay back Uncle Sam when they sell their home. The Treasure Valley foreclosure rate is twice the national average, one in every 57 homes were lost to banks. A new program from Idaho Housing and Finance Association is trying to stabilize some of the worse hit areas. Based on need and income, home buyers can qualify up to $40,000, interest free, to purchase a home in Caldwell or Twin Falls.
"If a family has 10,000 sitting in their bank account, they won't be looked as in need," said John L. Scott Real Estate Agent Liz Alexander.
According to the IHFA, the bank must be willing to sell the home for one percent less than the appraised value. Tax credits for first time buyers will expire June 30th, real estate agents said potential buyers can get free money.
"People can get into a home for 0% down, qualify for the full $40,000 interest free loan and get $8,000 tax credit," said Alexander.
In Canyon County, a four-person household must make $75,000 or less to qualify for the loan.
Buyers must pay back the federal loan when they sell their home.
Comments Terms of Use: We welcome your participation in our community. Please keep your comments civil and on point. You must be at least 13 years of age to post comments. By submitting a comment, you agree to these
Terms of Service
You must be logged in to leave a comment. Login or register See all comments |
