Question + email + Real Town + response + phone call = answer.
Answer + phone call = $$$$ for Buyers $$$$ for sellers $$$$$ for agents = Hero !!
Here is what happened; Early this year when the Stimulus Bill first came out, I was irritated that there was no way for 90% of 1st time home owners to take advantage of the tax rebate for purchase, as most of the potential buyers had no access to the down payment and closing costs needed to purchase. In reality the Bill while sounding good is a bust as it doesn't really help those that could use it.
After many phone calls locally trying in vain to find a path or lender that could loan the Tax Rebate ahead of time I tried one last chance and sent an email to Real Town asking if anyone knew of a solution. To my surprise an agent responded and gave me information about the Missouri Housing Program that had found a way to loan the potential home buyers their Tax Rebate in advance. I contacted the Missouri people and received their information and contacted the Director of the Idaho Housing Agency giving them the information about the Missouri program. I received a polite "thank you" and heard nothing more, and finally surrendered with my energy spent.
Two months later Idaho Housing announced a Tax Rebate loan program that enabled 1st time home buyers to borrow $7000 of their $8000 Tax Rebate in advance.The following is from the IHA web site:
The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time home-buyers of 10% of the sales price, up to a maximum of $8,000. This tax credit is available to qualified home buyers who purchase a home by December 1, 2009. In order to help buyers monetize this tax credit for down payment and closing costs when they purchase a home, Idaho Housing and Finance Association (IHFA), through its IdaMortgage lending program, is offering a special short-term Tax Credit 2nd Loan to qualified buyers.
In conjunction with an IdaMortgage loan, a subordinate loan will be offered to qualified first time homebuyers a maximum of 5% of the sales price up to $7,000, not to exceed 100% combined loan to value. A fee will be charged of $250 with $150 refunded upon repayment of the loan on or before the loan due date. The loan will accrue interest at 3.0% with a due date of July 1, 2010. The Tax Credit 2nd Loan is expected to be paid off from the borrower's tax refund obtained through the application of the federal tax credit. Borrower must be a first-time homebuyer and qualify for an IdaMortgage loan.
Homebuyer Education is required.
Interestingly, I only become aware last week of being the entity responsible for getting this program enacted. It was a second chance meeting with the Director of Idaho Housing who happens to be the step mother of my step son who was visiting here from Florida last week. I came in the door and my son said "you were right" ....to which I said "about what?" He answered that his step mother Julie who was at our house to see him off, informed him that it was my efforts that provided Idaho with the program. I couldn't believe that I had done something so big by merely making a few inquiries through Real Town and a few phone calls to apparently the right people!
My lesson that I wish to share with everyone is "never doubt your abilities to impact a situation that you think is bigger than you no matter how insignificant you may feel your position to be. I am reminded of someone Else's famous quote:
If not you - then who? If not now then when?
Dale Alverson CBB,ABR,CRP, e-Pro
208-863-3093
43 Degrees North Real Estate Boise, ID
35 years Representing Clients - not sales!
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