There has been some confusion on the use of the tax credit. Currently most lenders in the Oklahoma City metro area are shying away from mentioning that first time home buyer’s can use the “tax credit” buyer incentive for up front closing costs on their loan . The Obama administration has been vocal on the credit being available towards the 2009 tax due for buyers but has remained silent on any other use of this credit. Some 14 state agencies have initiated a second mortgage short term loan for buyer’s to access the money early. Buyer’s need to make sure that what ever program they are committing to is tax compliant for their particular situation.

One thing that you must definitely keep in mind is that the time frames for purchasing your home are Jan.1 – Dec. 1. If you haven’t started the process of purchasing your home you need to get started now! Contact a Realtor, meet with a lender and get yourself pre-approved for your mortgage. Then start looking for your home. Don’t wait until the last minute to begin this process.

For more information I have attached a link to the federalhousingtaxcredit.com website that is a website of the National Association of Home Builders. You will find that this website is full of great information on the tax credits ins and outs. HAPPY HOUSE HUNTING!!!