TALLAHASSEE, Fla. (4/9/09)--The Florida Credit Union League (FCUL) is involved with a coalition that is advocating for the state to allow homebuyers to use a $8,000 tax credit for first-time homeowners as a down payment, a move the group has dubbed as the “Florida Formula.” “Lenders are eager and ready to make mortgage loans, but they can't put down payment money in buyers' hands,” said Andy Price, FCUL senior vice president. “When details of the Florida Formula are crafted, thousands of first-time homebuyers who otherwise would have to wait years to save their down payment money will be able to afford to do it in 2009. That will help them, of course, but it also will help stimulate Florida's sagging economy,” said Price. The federal stimulus bill states that first-time buyers--defined as a person or couple who has not owned a home for at least three years--must complete the closing on their purchase by Dec. 1, 2009, to qualify. The group estimates that 8,000 to 12,000 prospective first-time homebuyers in Florida could benefit if the federal tax-credit stimulus provision were accessed on the front-end. Tens of thousands of single-family homes across Florida are in foreclosure, and Florida currently has a 20-month supply of homes--or more than 300,000 units on the market-- according to the Florida Home Builders Association. The Florida Home Builders Association, Florida Bankers Association and the Florida Association of Realtors also are involved with the initiative.