$8000 tax credit to be used for down payment...

I read the article....are the bridge loans really being done?  I can't find anyone in Arizona that can talk about this with me.  They never heard of it. 

You are right Paul & Jerri,

Please make a note that the deadline to benefit from the tax credit is December 1, 2009.

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after 4/8/08, and before 12/1/09.
• Applies only to homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

IRS SOURCE:  http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Summary information provided by Linda Alexander, real estate agent, Sacramento, CA

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