I have just closed a transaction on June 30th in which the 8000 tax credit was used for closing costs. I was told by the lender that they are the only company approved so far to do this. the Deal ils- if if is a existing home you can use 5000.00 if it is a new construction you can use 6000.00 of the tacx credit. this info is then sent to the government for tax purposes.
If you would like more info on the Mortgage company please call me
Kem Bailey Smith
Keller Williams Main Line Realty
610-520-0100
Cell 267-972-3879

I have heard that there are lenders that will allow this.. i haven't found one yet! all the lenders will not work this program out because to the best of my knowledge it only offered to november?

Please view this article it may help you with your question.
http://www.realtor.org/RMODaily.nsf/pages/News2009052901

This is a program on a first come first serve basis. It will allow you to use up to 5000 of the credit in the form of a second mortgage which is to be paid back by next June. There is also another program that is going to be released soon which will allow to use even towards down payment.For more info please contact me directly.

Mike Rosania
Mercury Real Estate Group
267-879-3556

Please read a past post on this subject; look at my responses. Link below.

Hi Randy. As of right now, NO you cannot use the $8000 credit towards closing costs, mainly because it won't be credited to you until tax time next year. The gov't is looking into changing that so that possibly the credit can be made available in time to use it towards closing cost, but that's only in the beginning stages. Feel free to email me directly with more questions about Real Estate Buying and the tax credit.

Nikkeb@aol.com