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 credit for purchasing their first home aftefr filing their taxes. But under a new program, state housing financew agencies and nonprofits can advance monehy to home buyers up to the full amount of the tax creditt to be used on a home either to pay closing costs or to add to adown “Home buyers using FHA-approved lenders can applyh the tax credit to their down paymen t in excess of 3.5 percent of appraised valure or their closing costs, which can help achieve a lowefr interest rate,” a HUD announcement said. The stimulud tax credit can be claimed on a 2009 or an amendecd 2008tax return.
FHA still will requirse home buyers to makea 3.5 percent down Mark Harden is a reportere with the Denver Business Journal, a sisterf publication.