$8,000 Tax Credit for Tucson Home buyer’s

Now is a great time to buy a home in Tucson! As we speak, the approved $8,000 tax credit is being offered by the federal government to help first time home buyer’s and those who have not owned a home in the last three years buy a home and get an $8,000 tax credit for their 2009 taxes.

If you qualify, an $8,000 tax credit can help you in transitioning  from renting to owning your own home. It can assist with buying furniture and appliances, making any necessary home improvements – like remodeling, landscaping and painting; or paying down consumer debt as you adjust to new monthly expenses. Homes purchased between January 1, 2009 and December 1, 2009 qualify for this outstanding financial windfall.

The tax credit is part of the American Recovery and Reinvestment Act of 2009, and it was signed into law on February 17, 2009. This law was brought about to help stabilize the housing market, with a goal of strengthening our overall economy.

Are you eligible for the tax credit?

The tax credit is designated for first-time Tucson home buyers, as well as buyer’s who have not owned their own home in the last three years. The tax credit is equal to ten percent of the home purchase price, which is capped at $8,000. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Single taxpayers with incomes between $75,000 and $95,000, and married couples with incomes between $150,000 and $170,000 qualify for partial credit.

Homes purchased between January 1, 2009 and December 1, 2009 including single-family, town homes, or condominiums qualify for the tax credit, provided that the home is used as your primary residence. This also includes new construction homes, if you close on and occupy the home prior to December 1, 2009. Sarah Ley is a professional Realtor, and she can help you to know if you qualify for this incredible $8,000 tax credit. Sarah Ley will help you locate your new home in Tucson, negotiate on your behalf, and assist you in find financing alternatives. What a great time to own your own home! What are you waiting for?