Holy Mackerel! This $8,000 first-time home buyer program is a spectacular deal for Arizona first-time home buyers.
It’s better than I thought. You gotta watch the video.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Home purchase must close by December 1 – NOT December 31!
(It’s not too soon to start moving on this! You should have your home under contact by October at the latest. You should start shopping in September at the very latest but, really, by September the available inventory of homes for sale will be picked over – the best homes will be long gone. Move on this SOON. Let’s see, you have crazy low interest rates, crazy low home prices in many areas, and now you get up to $8,000 back in a tax credit! If you are considering buying your first home and you can qualify for a mortgage loan, do not miss out on this!)
- You can amend your 2008 federal tax returns to get the tax credit money soon after closing! (NICE! The sooner you buy, the sooner you can get your tax credit money.)
- The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.