First-time home buyers will be able to get $8,000 up front instead of waiting for tax time. 

Thousands of first-time home buyers will be able to get short-term loans so they can make quick use of a new $8,000 tax credit to pay for some of the costs of buying a home. The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the Internal Revenue Service.

Most Borrowers will still have to come up with the FHA's required 3-5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit. Ten states have such programs in place, according to the National Council of State Housing Agencies.

But, there are many other potential uses, such as for closing costs and fees, or to beef up the down payment beyond the minimum level. The FHA, which insures about a quarter of new home loans, is projected to guarantee about 2.2 million loans in the next budget year.

Any buyer who hasn't owned a home in the past three years is considered a first-time buyer and eligible for the program.  Borrowers can claim the credit by filing an amended 2008 tax return, or they can wait for their 2009 return.

The change "will represent an enormous benefit for communities struggling to deal with an oversupply of housing." Housing Secretary Shaun Donovan said in a statement.

The tax credit is not available to individuals with incomes above $95,000 or couples with incomes above $170,000. It expires Nov. 30.

By Alan Zibel The Associated Press

If you are a first-time home buyer or have not owned a home in the past three years, then don't miss out on this great opportunity to help you become a home owner. Team Cook has helped several buyers who took advantage of this program.  As they say, "Time is of the essence" There are only a few more months available to receive your $8000.00 dollars...and then IT'S GONE!