By now everyone has heard about many different programs affecting consumers regarding government funds that may be available for financing. I thought it might be helpful to go over them and give a helpful checklist.

1st Time Homebuyer Tax Credit – up to 10% but no more than $8,000

• Applies to purchases that close after January 1, 2009, and before Dec. 1, 2009.
• Applies only for homes used as a taxpayer's principal residence.
• Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
• The credit is claimed using Form 5405.
• Co-signed loans can be eligible - check out the scenarios at the IRS website.