If you want to use the $8,000 first-time-buyer tax credit as a down payment you better move fast.
If you’re unfamiliar with it, the federal government is offering an $8,000 tax credit to first time buyers who close on or before November 30, 2009. Then the state of Florida stepped in and said, “hey, that’s great, why don’t we just advance that money so people can use it towards their downpayment, and then have them pay us back at tax time.”
Trouble is, like all things in government, things moved very slowly. So you can get that advance on the tax credit, but you can’t apply for it until September 1. And keep in mind you have to close by November 30.
Plus St. Johns County has only been allocated $350,000 for the program, which means it’s only going to be available for 44 people.
My take on it is: you’re going to get it in a few months anyway. If you don’t absolutely need it for your down payment just wait until tax time for it to show up on your refund.