One caveat to this is that if you file for the tax credit with your 2009 return, you must file paper return as opposed to electronic, so that could delay any additional money back that may be due to you. For example, I'm expecting my 2009 return to yield around $2500 to $3500 refund outside of the $8000 credit. I'm thinking I will probably amend my 2008 return when the new form 5405 comes out, then file my 2009 return electronically as soon as my W2s come.
I've seen anywhere from around 6 weeks to 14+ weeks on here for receiving the FTHB credit, so I'm looking to file my amendment in December sometime for 2008, then file 2009 electronically and get my $3K or so within a few weeks, finally receiving the $8K credit in early March or so.
You didn't mention a specific timeframe, but remember that if you closed on your house after 11/6/09, you cannot file an amendment right now as you need the new 2009 version of the form 5405, which is not yet available.
