No you dont need perfect credit but you must be able to get a loan. There are several great programs here in Kenucky that can assist single parents, disabled, and those over age of 62 to purchase homes with interest rates as low as 1%. This program accepts applications in July. We are actually hosting a homebuyer seminar at the Nelson County Public Library in Bardstown Ky on Wed July 1, 2009 starting at 6:00pm. We will have representatives there to talk about these great programs that can be used along with Federal Tax Credit. It is a great opportunity to learn about new loan programs that offer down payment assistance, reduced payments and interest rates.

Your credit score or how you file has nothing to do with the First Time Buyers Credit as long as you meet guidelines. If for some reason you have something attached to your refund (back child support, back taxes, student loans) the IRS will use this money to pay off this debt first before they give you the remainder of the money (if there is any left)

Michele is correct. To get a loan in this market you will need a 620 for an FHA with 3.5% down & 720 for any other kind of financing.

Your credit score has nothing to do with the $8000 first time home buyer tax credit. But your credit score could effect your ability to buy a first home.

http://www.mooshimiami.com/weblog/2009/04/firsttime-home-buy…