Realtors reimburse homebuyers for IHFA loan interest 

Idaho members of the National Association of Realtors are handing out checks to homebuyers who have paid off their IHFA loans advancing the money anticipated from the $8,000 federal tax credit.

The checks from the Realtors are enough to cover the fees and interest associated with the Idaho Housing and Financing advances.

With the federal tax credit only available after a home has been purchased (and it’s taking longer than many homebuyers expect for the money to arrive), the IHFA loan allows buyers to use money from the anticipated tax credit as part of the down payment and closing costs.

A press release from the Ada County Association of Realtors explains that the Realtors wanted to make sure the loan was not out of reach for families.

“Idaho Realtors encourage homeownership opportunities for all Idahoans who want to own their home, but don’t know how or don’t have access to the funds for a down payment,” the statement reads. “By addressing this issue we can stabilize neighborhoods, attract and retain qualified workers, and provide a long-term sustainable community benefit.”

There have so far been 76 homebuyers around the state who have received their federal refund check and paid off the advance loan, according to the Ada County Association of Realtors.

Funds come from the National Association of Realtors and the Intermountain Multiple Listing Service.

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