Hi Mike
Check with the housing department on your local county. They might have a down-payment assistance program depending on your income.
Also look into FHA loans - which are also contingent upon income and other factors - but are very attractive to first time homebuyers.
Most important, interview some real estate agents who specialize in first time homebuyers, choose someone you feel comfortable with and they will be able to assist you.
Remember this will not cost you anything as we are paid commission when you buy a property, that makes us work really hard for you!

Jeannine de Alwis, GRI
Realtor
Prudential Florida Realty
Naples, Florida

Hi, Mike!

What you need to do is to contact a lender in your area and find out if you qualify for the tax credit. If you do qualify, you may be able to use the tax credit as a down payment or you may claim it on your tax return. The lender would also find out how much of a loan you qualify for to help you search for a home within your affordable price range.

At this time, they can also pre-approve you, which is very important when placing an offer on a home. A pre-approval is presented with the offer to the seller. It tells the seller that you are able to afford their home. You might say that it is almost as good as cash.

I hope this helps.

Brigita McKelvie, REALTOR, e-PRO, GRI
Residential, Rural and Horse Properties
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www. RuralAndHorseProperties.com
Blogs: http://activerain.com/blogs/brigitam

Hi Mike! I am a local top producing agent and I have contact information to give you for some local lenders that would be able to assist you. Please email me at mhill@northwood.com and I will forward you some direct links to the information on the tax credit advance program. You can actually get an intrest free advance on the tax credit to use towards a down payment and closing costs and pay it back once you receive your tax refund. I look forward to hearing from you.

Yeah, the credit is dealt with at tax time. However, you should hurry because the $8,000 tax credit offer expires on Nov. 30. Because mortgage approvals, residential inspections, and other steps in the buying process typically take about two months, buyers hoping to take advantage of the incentive will need to have a contract by the end of September.
There's more information on my website under the Buyers tab http://www.ShesYourAgent.com

You bet ya! The tax credit is claimed when you do your 2009 taxes, or you could make an ammendment to your 2008 taxes. It has nothing to do with you getting your loan. Check into filing for it soon, its almost up!