Goverment Tax credit for home buyers can somone explaine to me how this works?

Can we use it for a down payment or not quiet understanding this whole thing. WE are now looking to buy a house but someone said you don't' need as big as down as you think with the tax credit.





Thank youGoverment Tax credit for home buyers can somone explaine to me how this works?
You cannot use the tax credit as a down payment. The earliest you can get the money for the tax credit is about 4 months after you close, possibly longer depending on the IRS and how you file.





Some loan programs might allow you to take a small 2nd mortgage at a higher interest rate which you could pay off as soon as you get the tax credit, but you'll pay interest while you wait for the IRS to process it.





Do NOT buy a house if you are not financially ready to do so. Buying a house is a much bigger deal than $8,000.Goverment Tax credit for home buyers can somone explaine to me how this works?
Some lenders will allow you to use it towards your down payment. To do that you have to file amended taxes for 2008, apparently. I would contact some lenders to find out who will let you use it as a down payment.