common misconceptions about the federal government's tax credit for first time home buyers:

Real estate agent Michael Maher joined FOX 4 Wednesday morning to clarify the most common misconceptions about the federal government's tax credit for first time home buyers:

1. It's only for people who've never bought a home. False! If you sold a home in the past and rented for the last three years, you may qualify.

2.It has to be paid back. False, this is a tax credit. You will receive a check from the federal government four to six weeks after you complete the form at the closing of your home purchase.

3.It's a lengthy and difficult process to get the tax credit. Fase, it's just one form you have to fill out for the IRS.

4. You can use the tax credit for your down payment. False. Some lenders offer some programs which require you to sign over your credit to them, but be very cautious about these. Read all the fine print! Technically, the way the program is structured, the money is not for your down payment.

Again, you do not receive the money at closing. You will receive it four to six weeks after closing.

5. There's plenty of time left to buy. False. You must close on or before November 30th, 2009, to take advantage of the tax credit. Remember that closing on a house takes 30 to 60 days. Leave yourself plenty of time for the inspection, title search and document preparation.

You can find out if the tax credit will work for you at a free seminar, Friday, Aug. 14, at 4 p.m., at the Overland Park Convention Center. To register, call 1-800-441-7699, EXT. 4664

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