If you are a first time home purchaser there is a huge incentive and financial boost to buy a home. For a limted time, the federal government will give you an $8,000 TAX CREDIT. This means that you could amend your 2008 tax returns and receive a check for the full amount.
If you'd like to use this for a down payment, there are some restrictions, but check with your Realtor or Mortgage advisor for the latest updates. In some states, there are also state tax incentives that can be added in addition to the $8,000 federal incentive.
I was working with some buyers recently who negotiated a very good deal. We bargained for the sellers to pay all closing costs. The buyers put down 3.5% for an FHA loan, which was about $7,000. After the closing, they re-submitted their taxes and received $8,000 back. The buyer asked me..."Do you mean that we get paid $1,000 to buy this home?" I told her yes!
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