Brwneyez124,

Good question. I've been diligently looking for an agency who will allow the cash advance, but without any success. If you're looking for the down payment, you might consider reviewing my blog, paying special attention to the fliers to the left of the screen which describe the various programs that are not only currently available, but ones that my clients have used toward the purchases of their own homes. You could use these programs to buy the home, and then obtain the tax a few weeks later by amending your 2008 tax return.

If you are NOT working with an agent, please call for more information.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 787-8551

You cannot use it as downpayment yet.

Word is that they are pushing to make that an option, but until then you have to come up with the down payment.

Like most things in our field, Brwneyez, the answer is "It depends" since rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community. I am providingthese two excellent links for you to check out.

The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here...http://www.ncsha.org/section.cfm/3/34/2920

Another link from the National Association of Home Builders (NHRB) is here...http://www.federalhousingtaxcredit.com/2009/home.html

And the link below is from the IRS website.

Good Luck!

You are not able to get a cash advance on the tax credit, however they has been news that you will be able to use that money towards your closing costs. Check with your local realtor for additional details in your area.