There is a lot of information circulating about the First Time Home Buyer Tax Credit of up to $8,000 that is included in the Stimulus Bill, including using it for down payment. First of all, at the present moment in time, it cannot be used for the down payment, even though the Secretary of Housing and Urban Development, Shaun Donovan, said it would be available in a recent speech to the National Association of REALTORS®.
Many of Central Oregon home buyers I have worked with this year are first time home buyers. A first time home buyer is someone who has not owned a home in 3 years. Many of these buyers are benefiting from the new taxcredit of 10% of the purchase price or $8,000.