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Use your First Time Home Buyers tax credit as your downpayment

By: McCoy's Editorial Team

$8000 federal tax credit for first time home buyers

We have talked in this blog before about the 2009 federal tax credit for first time home buyers. If you were already planning on buying a home in '09, you might as well look into this up to $8000 tax credit. If you qualify, you should obviously be staying in the loop about what it takes to cash in on this great opportunity. And the news just got better!

Previously, the tax credit would have worked as most do. If you purchased the home in 2009 you would have filed for the credit on your '09 taxes (which you'd be preparing in 2010). But the Feds are now going to allow qualified buyers to take advantage of the money early and apply it to the down payment and closing costs. The details are still being worked out, and we'll pass along more information as we get it.

More information about the First Time Home Buyers Tax Credit

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