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Use Structured settlement lump sum money for new house down payment and then get $8000 back from Obama tax credit

$8,000 for homebuyers, first-time purchasers get a tax credit windfall if they buy before December.

This was previously done 10 months ago or so under Bush administration. The deal was $7500 tax credit back if a new home purchase was made. This deal had to be paid back over 15 years. The new stimulous package extended this rebate and made it a true rebate (does not have to be paid back). It is increased $500. Now is the time to trade in future settlement payemts for a cash lump sum. This can be used for down payment of a house and then $8000 more money can come your way. What are you waiting for. I am doing this, but i dont own a structured settlement. I had to come up with my down payment from savings.

There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes. This is link to the tax credit IRS form, seems they have not updated at this time the new details. http://www.irs.gov/pub/irs-pdf/f5405.pdf  form 5405 is the form for the home tax credit. I think this will be updated in few days or week to reflect the new credit amount of $8000 and also to remove text of not to payback over 15 years.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision.

the $8,000 credit will bring an additional 300,000 new homebuyers into the market, according to estimates by Lawrence Yun, chief economist for the National Association of Realtors.

The credit could also create a domino effect, he said, because each first-time homebuyer sale will lead to two more trade-up transactions down the line. "I think there are many homeowners who would be trading-up but they have had no buyers for their own homes," Yun said.

Who won't benefit, according to Mark Goldman, a real estate lecturer at San Diego State University, are those first-time homebuyers struggling to come up with down payments. The credit does not help get them over that hurdle - they still have to close the sale before claiming the bonus.

One state, Missouri, is trying to get around that problem by creating a short-term loan on the tax credit of up to $6,750. The state would loan borrowers the money so they could use it at closing as part of the downpayment. Then, when the buyers receive their tax credit from the IRS, they pay back the state. Other states may follow with similar programs, according to NAHB's Dietz.

Now is the time to get cash now, liquidate your structured settlement, use it for downpayment for a house. Get that tax credit from Obama stimulous that just was signed. The time is January 2009 to December 2009 for the home purchase to qaulify.

Who doesn't need a $8000 check form the government?

Read more at Obama White House stimulous web site page, IRS website or CNN Money tax section