If you are a first-time home buyer in Florida, you will soon be able to borrow, up-front, the income tax rebate you would get back later for buying a home.

            Starting July 1, 2009 in Florida, those who quality for the federal tax credit of as much as $8,000, will be able to apply for down payment assistance before they close on the purchase of their home. They can then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators, although the details are still being worked out.

            To qualify as a first-time home buyer, you or your spouse cannot have owned a home in the past three years and must meet certain income guidelines. However, those guidelines are quite generous. You then qualify for an income tax rebate of 10%, up to a maximum of $8,000.

            The availability of this down payment loan makes it an absolutely perfect time to buy a home. Prices have dropped to affordable levels, mortgage interest rates are still around 6%, selection of homes is great and the tax rebate is available.   

As soon as the details of the down payment help become available, I will post them here on my web site.