Buying a home in this market is a no-brainer to anyone that understands financial literacy. Home values are at an all time low, the inventory of empty homes are higher and mortgage interest rates lower than any other time in recent history. However, since the economy is still in the “red” and news reporters are constantly trumpeting the woes of the employment market and the uncertainty of the nation’s financial future, many homebuyers are nervous to invest hard earned funds into a struggling housing industry. A little over half of all homes being purchase are a result of a foreclosure or short sale. Many of the homes may need costly repairs or maintenance that has likely been deferred, especially if the owners were experiencing financial difficulty and if the home was headed to a foreclosure status. The government and mortgage lending banks are making it easier for 1st time homebuyers to obtain the money to satisfy the newly imposed higher down payments and costly mortgage closing costs. Since the onset of the housing market decline, the government created an $8000 tax credit to first time homebuyers to offset the expense of buying a home and to encourage timid and market shy buyers to enter the market. But since tax time is so long from now, there is a new allowance to access the $8000 homeowner tax credit for the purchase of a home prior to completing the purchase. The $8000 1st time homebuyer tax credit cannot be used as a down payment, but it may be used to pay for closing cost. This is a great way to access affordable housing and take advantage of the bargains in the housing market and the homebuyer doesn’t have to wait until next year to realize the benefits.