Hey there,

Yes. The tax credit can be used towards your closing costs, but the scenarios I have come across have been in situations where buyers required financing.

http://savvyinsavannah.wordpress.com/category/savvy-shorts/b…

Your closing cost should be so low though, it seems like more of a hassle to get your credit monetized, IF you even can. Get your agent/closing attorney to prepare a DRAFT HUD, so that you have a very clear idea of how much money you need to close.

If you don't have enough cash to buy the property and close, maybe consider getting a personal or home loan. Oh-- but make sure if you go that route, you get a loan without a pre payment penalty.

Has anyone else monetized the credit in a non financed purchase?

Wow, what a great question. When paying cash, you don't have the typical closing costs associated with a sale. Escrows, loan fees, etc., Your closing costs should actually be very low since you just need to pay the settlement company for those associated fees and perhaps an owner's title policy. Nowhere near the 8K. I haven't had a buyer use the 8K for closing yet but understand that, when getting the loan, the lender gives a short term loan in addition to your normal mortgage for the 8K if you qualify and it goes back to the lender when filed. No lender in your case so that one stumps me but I hope my little input may have answered a few questions or help you find a better answer.