If you are a first time home buyer in and around the Orlando and Lake Mary areas there is great news for you. You probably already know about the $8,000 First time home buyer tax credit available to you if you purchase prior to Dec. 1 2009.

However here is the even better news. Until recently you could not use these funds as a down payment on a home, you would get the money after you closed and amended your tax return. Local and state government have devised a plan to allow you to borrow the $8000 upfront from the local county organizations to use for a down payment and then will repay them with your tax credit, starting July 1, 2009.

This is fantastic news for many first time home buyers in Central Florida and means the realization of home ownership for many more. The details are still being worked out but make sure to bookmark my blog or subscribe via rss or just email me and I will make sure you receive priority notice of the details.