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The $8,000 First-Time Home Buyer Tax Credit Program Expands: 5 Things to Know

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Try living in San Diego. Living paycheck to paycheck. Here I think, finally, home prices are falling enough to where maybe I can buy something. My hurdle was the 3.5% downpayment, which is $7000 on a $200k home. I was hoping to use the $8000 tax credit as my downpayment. Wouldn't the $8000 tax credit be my money to use however I need it? So, now I can get the $8000, but they want to tell me how to use it?? How is this supposed to help us here in one of the most expensive places to live? My plan was to use the $8k for a down and make a deal with the seller to pay closing costs. Now what plan do I make? UGH!!!

Kristina of CA 6:06PM May 29, 2009

This is not going to help at ALL. You are still asking these people to come up with a large chunk of money for the 3.5%. My son would like to purchase a home, but with rent at $900.00 per month - Charlotte NC. How do you save this up before the end of the year. Luckly he has family that will lend it to him until he gets his tax credit back. I feel sorry for all the rest of the people.
What does it matter if it is used for the 3.5% or not. Take a look around, if they don't already own a home they certainly don't have $5000 - $7000 saved up. I usually don't do this but I think with the money you make and benefits, you can't even start to understand where these children are now.- NO JOBS, NO INSURANCE, NO PENSION - this credit sounds good, but how many can really take advantage of it?

Cathy Mullen of MI 5:36PM May 29, 2009