The first time homebuyers credit is already well-know, but here's a lesser known fact: Buyers now don't have to wait until tax time to use it.

The Department of Housing & Urban Development will allow buyers who qualify for the tax credit to "monetize" it by using it as a down payment or toward closing costs on a home.

First, the most common way is accomplished through secondary financing, in which certain government or nonprofit organizations can give you a short-term bridge loan and then place a second lien on your home. The second option is the purchase of the tax credit. In this scenario, the homebuyer assigns the credit to a lender. This option can be used by for-profit, FHA-approved lenders, as well as some government and non-profit organizations.

If you choose to sell your tax credit, additional restrictions apply. Homebuyers who take this option cannot use the money from the sale of the credit toward the minimum 3.5% down payment that is required for FHA loans. However, they can use it to increase their down payment above 3.5%.

Lastly, a tax credit purchase may be subject to administrative fees of no more than 2.5% of the amount of the credit.