The American Recovery and Reinvestment Act of 2009 has been put in place so first time home buyers can get a tax credit. If you haven’t owned a home for the last 3 years, or if you are a first time home buyer, then you may be eligible. Please consult with a South Chandler tax advisor or CPA to determine if you are eligible for this program.

My main recommendation is to read the fine print!! This sounds like a great deal for first time home buyers who are looking in South Chandler, but there are certain guidelines and it may not be as good as you think it is.

1) Tax Credit is for first time home buyers who have NOT owned a principle residence during the three years period prior to the purchase. If you own vacation or rental property you are not disqualified from this first time home buyer program.

2) The Maximum credit is $8,000 or 10% of the home purchase. This is the part most people don’t think about. In some areas of the East Valley the homes are going for less than $80,000 so you wouldn’t receive the entire $8,000. South Chandler’s prices are above this amount so you should qualify for the entire $8,000. Also, you don’t have to repay this money if you sell that house after 36 months or longer of occupancy and ownership.

3) The credit is available for homes purchased by first time home buyers on or after January 1, 2009 and before December 31, 2009.

4) To qualify for the full credit, married couples’ adjusted gross income should be under $150,000 and single filers should be less than $75,000. Partial credits may be available for couple’s incomes over $150,000 but less than $170,000 and single filers with incomes over $75,000 but less than $95,000. SO BE SURE TO CHECK WITH YOUR SOUTH CHANDLER CPA!

There are a few other rules. Contact a South Chandler tax accountant for the full details and if you are a first time home buyer that qualifies, start looking for a house in South Chandler! Why not take advantage of this first time home buyer program while it is still available.