In order to receive the $8000 'First Time Homebuyer's Credit', your home (or condo) purchase must be CLOSED by Nov. 30. Then name of the credit is a little misleading. It doesn't have to be your first purchase, but you can't have owned a home in the last 3 years. You need an income cap to qualify (see the link = www.irs.gov/newsroom/article/0,,id=206291,00.html ) In order to qualify and KEEP the credit, you must stay in the home for 3 years. You don't get the money up front to use for deposit. You don't get the money at closing. You file an IRS form with the govt. and they credit you with the money upon verification of the proper documents and closing. Remember, unless the government extends this credit, it expires Nov. 30, and any property you were expecting to receive it for, won't qualify if you close any day Dec. 1 and on.