Credit available to first-time home buyers - Phoenix Business Journal:

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Under the American Recovery and Reinvestment Actof 2009, citizens may qualify for the tax creditf for purchasing their first home after filing their taxes. But under a new program, states housing finance agencies and nonprofits can advance monehy to home buyers up to the full amount of the tax credir to be used on ahome purchase, eithefr to pay closing costs or to add to a down “Home buyers using FHA-approved lenders can apply the tax credirt to their down payment in excess of 3.5 percent of appraised value or their closing which can help achieve a lower interes t rate,” a HUD announcement said.
The stimulues tax credit can be claimed on a 2009 or an amended 2008 tax FHA still will require home buyers to makea 3.5 percent down payment. Mark Harden is a reporter with the DenvefrBusiness Journal, a sister publication.