Smileawhile, You can Amend you 2008 tax return. The amended tax return will allow you to claim the homebuyers credit on your 2008 return without waiting until next year 2009 to claim it after purchasing a home.
you should see your Tax credit back in 8 to 12 weeks, some times as soon as 3 weeks.Then you can use it for your down payment. I'm a Mortgage Planner with TLG in Florida, let me know if I can help!!

Well they were a bit premature with thier announcement of being able to utilize the stimulus as a down payment because they have not figured out the part on how to get it there. We have been promised that this will happen but it will be a matter of when.

Melissa

Dear Smileawhile,
I assume the stimulus you mention is the first time homebuyer tax credit. First of all that credit is now $8,000.
Depending on your lender, you may be able to access some of that money for closing costs in the form of a short term bridge loan. Usually at a low interest rate, this type of loan would give you early access to your tax credit and would be payable back to the lender at the time you receive your stimulus. Otherwise, you file for it when you file your 2009 tax return. In that case, it will either be credited to any taxes you owe or refunded to you. It's a WIN WIN either way. Good Luck!