...10k? closing date was end of december but i didnt take possession til jan so is it possible to get the 8000 tax credit

The closing date is the one the IRS is using.

So your $10K foreclosure will get you a $1000 interest free loan that you would pay back at $67 a year for 15 years.

Doesn't seem worth the trouble.

I am not an attorney or CPA but am a Licensed Real Estate Broker. My understanding is that the 8k tax rebate is the max that you could be eligible for in 2009. You must first purchase a home with a sales price of 80K before Dec 1 2009 in order to get the full 8,000 tax rebate back. They use a 10% rule so you may be eligible for $800.00 dollar rebate on a purchase of a 10k home. So if you purchase a 50k home you may be eligible for a 5000.00 rebate. This is not a tax credit for 2009 its a rebate that you do not have to pay back.