There's more to the Tax Credit than just a tax reduction (see my 6/17 post).You may apply the incentive funds to increase your down payment from the minimum down payment of 3.5%.
And, that's not all...you may also use it to buy down your interest rate.
There's more...the credit may be employed to apply to closing costs.
Ohhh...by the way, this tax credit does NOT have to be repaid, as have some incentives in the past.
If you qualify, this is a great deal!
(by the way, be sure to consult you accountant about this incentive and how it might apply to you)
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