Using the $8,000 First Time Buyer Tax Credit as Down Payment

I was going to write about the recent changes announced by the FHA that allow the $8,000 first time homebuyers tax credit to be used to offset some costs in a home purchase (as opposed to waiting to get the $8K at tax refund time).

But Heather Barr, agent and blogger extraordinaire, beat me to it.

Might as well let her do the work.

Read Heather’s post, Bridge Loans Using $8,000 Homebuyer Tax Credit.

There is already some bad information out there on these new guidelines. I also suspect there will be people popping up that will claim to be able to “help you” get these funds advanced. Naturally this “help” will have a price attached to it. Be very careful, and consult with your lender and tax professional.

Barbara Whisenant

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