Using $8,000 tax credit as down payment.

[Skylar Howard]

I have been searching the internet to find a way to use the tax credit as a down payment for my buyers. The government released information on May 29, 2009, stating the credit can indeed be used as a down payment.

Question #1: How does it really work in a real life situation?

Question #2: In a seperate situation, if I were to sell with owner financing, how am I to be certain I would receive the $8,000 rather than the buyer.

Question #3: Concerning question #2; when I sell my houses with owner financing, I have the buyer sign a quit claim deed to avoid the foreclosure process, in the event they don't make their payments. If were to receive the $8,000 down and the buyer decided not to make their payments, I get the house back through the quit claim deed, what happens then?

Any input on any of my questions would be greatly appreciated.