Other loans maybe, but how are you going to turn it into cash. The lender is not going to give you credit for it. so really the answer is no.
It is just a tax credit until it can be monitized/realized.
Yes it can be used for down payment. This program ends December 1, 2009.
Travis O. Smith, U.S.M.C.
Mortgage Loan Consultant
Franklin Synergy Mortgage
7101 Executive Center Drive Suite 110
Brentwood, TN 37027