First-time home buyers would get their $8,000 tax credit as a state loan at closing, under a measure the state Legislature has approved.

The federal government is offering the income tax credit to first-time buyers who buy a home through November, but won’t pay the credit until after buyers file this year’s tax return. The new budget amendment would set up a “Tax Credit Advance Loan Program” to give buyers the money as a loan at closing, meaning they could use the money for down payments, then pay it back when they got their tax refund.

* Full story available on The Seattle Post Intelligencer