Tax Credit as down payment

[Anonymous]

Trying to take advantage of the first time home buyers tax credit but wanted to ask if that could used as part of or the down payment?

[LIGHTNIN]

This was true last year, for about a week before the decision was reversed. Fha/hud was allowing the buyer to 

get a short term loan and using the up to8k tax credit, to secure the loan.

You may want to check the IRS web site, about the tax credit for buying a home.

You never know, things change all the time.

[tianapb725]

I believe it also depends on the state as well.  I live in MA and MassHousing is allowing borrowers to use it as part of their downpayment. 

[ShanetheMortgageMan]

Great link with lists of states which offer the FTHB tax credit loans, as well as the FHA guidance on using the FTHB tax credit, and other good tidbits of information relating to it.  Keep in mind that most of the programs require you use an approved participating lender, which is typically located within the state it is being used in, so using out of state lenders tends to be difficult if not impossible.

http://www.ncsha.org/about-hfas/hfa-programs/-first-time-homebuyer-tax-credit-loan-programs