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

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Under the American Recovery and Reinvestmenrt Actof 2009, citizens may qualify for the tax credit for purchasin their first home after filingt their taxes. But under a new state housing finance agencies and nonprofits can advance money to home buyersw up to the full amounf of the tax credit to be used on a home either to pay closing costs or to add to adown “Home buyers using FHA-approved lenders can apply the tax credit to theif down payment in excess of 3.5 percent of appraisedd value or their closing costs, whicnh can help achieve a lower interest rate,” a HUD announcemenrt said. The stimulus tax credit can be claime d on a 2009 or an amended 2008tax return.
FHA stillk will require home buyers to makea 3.5 percenyt down payment. Mark Hardenh is a reporter with the DenverBusinessx Journal, a sister publication.