Tax Credit for Boise First Time Home Buyers

The Tax Credit is Designed to assist First time home buyers, in Boise, to obtain 100% (zero down) financing for home purchases. This releaves young people entering real estate home ownership from coming up with the normally required cash for a regular 3.5% down payment.

Here are a few highlights about the Tax Credit

1st time buyers only: a buyer may not have owned a principal residence for 3 years prior to the purchase.
Credit limits: the maximum amount is 10% of the home’s purchase price, or $8,000 (whichever is less).
Timing: only purchases of a single family home made on or after January 1, 2009 and before December 1, 2009 qualify for the credit. Also buyers must own the home for three years to obtain the credit.
Income limits: single taxpayers with adjusted gross incomes up to $75,000, and married couples with incomes up to $150,000, qualify for the full tax credit.
Easy to obtain: buyers simply file their tax return and complete Form 5405 (First-Time Home buyer Credit Form) which calculates the amount of credit due.

The tax credit loan is offered by Idaho Housing Authority through Guild Mortgage in Boise. I would suggest taking the first time buyers class at IHA at the intersection of 5th and Myrtle.

Pring out your own Boise First Time Home buyer tax credit IRS form 5405

Other post like this one-