$8,000 First Time Buyer Tax Credit Can Now Be Used As A Down Payment!

It has just been announced that the $8,000 First Time Buyer Tax Credit can now be used as a down payment, or used to pay closing costs.

The Down Payment, or Closing Costs will actually be a second mortgage, but as long as it is repaid by June 1, 2010, no interest will be charged. If not repaid by June 1, 2010, the loan will then be amortized over 30 years at the same interest rate as the First Mortgage.

Great opportunity for First Time Buyers who do not have a lot of cash on hand. Use the Credit for Down Payment and/or Closing Costs, file your taxes by April 15th, and repay with the refund - no interest due.

For more information on the $8,000 First Time Buyer Tax Credit, CLICK HERE!