I want advice on how to take advantage of the $8,000 tax credit to buy my first home...

I never heard of this before. How did you hear of it?

As long as you close before 12/1/09, you can receive an $8,000 tax credit (this is different than the previous plan that you had to repay - this one is yours to keep). If I understand it correctly, you can either file an amendment to last year's return (and receive your $8,000 sooner) or take it as a credit on your 2009 return and you'll simply pay 8,000 less in taxes (and, most likely, receive a large rebate check).

Stipulations - can't have owned a home in the past 3 years. You can't make more than 75k as an individual or 150k as a couple.

For more info, check out this site: http://www.federalhousingtaxcredit.com/2009/faq.php

Some states make it easier for people who need to have the credit funds in hand in order to have a down payment. Massachusetts has set up a state loan fund to allow homebuyers to borrow $8,000 as an advance on their tax credit: http://www.mass.gov/?pageID=gov3pressrelease&L=1&L0=Home&sid=Agov3&b=pressrelease&f=090714_homebuyer_loans_opportunities&csid=Agov3

It seems that the state of Florida is now having troubles with this program as of now.

http://www.facebook.com/l.php?u=http%253A%252F%252Fwww2.tbo.com%252Fvideo%252F2009%252Fsep%252F29%252Fmoney-to-aid-homebuyers-sits-unused-28995%252Fvideo-news%252F&h=7d287dba8c0306d039d536252d719682&ref=nf

Paul, I think the tax credit was just extended beyond the current deadline and good into 2010. I just wrote about what I know on it http://fhahomeloanutah.org