This program is called the 90 Day Down Paymnet Program. Buyers take a 2nd lien and have 90 days interst free to repay, otherwise they are set on a 10% interest 2 year term to pay this back. The 90 day down payment amount is set at 5% of Loan amount (including MI) and can be used for Down PAyment and the remaining amount for CC/PP.
Hope this helps.

Wes,
if you are using an FHA loan for the purchase, then the $8,000 can be used for the 31/2 % down payment that is required by FHA. This can only be done in 10 states (Kentucky being one of the 10). However, in my area (Owensboro), there are no lenders currently having the program in place to accomodate this procedure. The catch is--the lender has to make a short-term loan to the buyer, until the stimulus funds are received by the buyer. I haven't been able to find a lender who is actually doing it. Let me know if you find one!
Thanks,
John Burns

You can now use the tax credit upfront tp pay for clsoing costs and downpayments. The loan has to be FHA which is ok for most areas other than some North East areas where the prices of houses still outpace the fha loan limit. A good mortgage broker would have a program for this. Good Luck

You can go here to read the various scenarios...

Let me know if you have any questions!

http://www.joehaydenrealtor.com/home-buyers/first-time-home-…