It has certainly been an interesting sequence of events surround the $8000 tax credit that is available for 1st time Home Buyers that purchase before November 30,2009. Perhaps the best way to characterize the situation is to stop short of saying that there is misleading information, but rather say that there is a lack of complete information. The disconnect appear to lie in the fact that there are several initiatives, in various degrees of implementation, regarding the availability of the $8000 tax credit, as well as the use of such funds. The National Coalition of State Housing Agencies has information available their NCSHA Website for state specific updates.
As of this morning, here are a few facts for the state of Florida.
•· $8000 tax credit can be received from a qualified home purchase with an Amended 2008 Tax Return this year or in their 2009 tax return
•· The State of Florida has approved the use of the tax credit for closing costs* however the funding is not currently available
•· Lenders are not equipped to implement the use of the credit for closing costs at this time* release of info was premature
•· Use of the tax credit for down payment has not been approved at this time. Florida Association Of Realtors Web Page shows what you can do
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