There is some extra good news now for Florida first time home buyers who want to take advantage of the federal tax credit that could put as much as $8,000 in their pockets.
 First-timers who qualify, now will be able to borrow that money upfront and use it for the down payment on their new home.
     The Florida Legislature has created the Florida Homebuyer Opportunity Program to provide down payment loans to first time buyers before they actually get the money back from the IRS. Participating home buyers will have to assign their tax refund to the Florida Housing Finance Corporation which will operate the loan program. The corporation will charge market rate interest beginning 18 months after the buyer closes on the purchase. If the loan is paid off before 18 months, there will be no interest charged.
     The loan program is intended to help more buyers take advantage of the tax rebate and is scheduled to start July 1, 2009.
     The federal tax credit program gives first time home buyers a tax rebate of 10% on the purchase price of a home, with a maximum rebate of $8,000. If the new home price is $70,000, the rebate will be $7,000. If the price is $90,000, the rebate will be only $8,000, the maximum allowed.
     To qualify, buyers, or their spouses, cannot have owned a home in the past three years and must meet income guidelines which are fairly generous.