The previous answer is correct, but, as I understand the current situation, you can file an amended 2008 tax form and get the IRS to get you the $8,000 45-60 days after you purchase and close on your new home. Give me a call or email and I can direct you to someone who can help explain your options and how to go about it.

Greg Zavitz
Coldwell Banker HOA
309-275-4734
greg@zavitz.com

No. There was a bill in the house that would have allowed that however, it did not pass. It was set up to allow first time homeowners that qualified for up to 8,000 in closing or downpayment assistance to use that money at the time of closing rather than getting it at tax time. You can not use it for closing or downpayment assistance at this time.

There are first time home buyer grants in our area here in Bloomington/Normal, IL. Several banks are now offering to pay for the closing costs as well. Still good programs and rates are still low.

My understanding from information provided by larealtors.org is that this has been approved in only 10 states so far,and illinois is not one of them.

Mildred,

Most "first time buyer" program questions can be clarified by referring to the following website:
http://www.federalhousingtaxcredit.com

good luck