More chaos from Housing and Urban Development. The $8,000 tax credit for home buyers who haven't owned a home in the last three years can not be used for closing costs in Arizona. Only 14 states have set up the non-profit organizations that are needed to make short term loans to home buyers. The home buyers will pay back the loan when they file an amended tax return. Arizona is not one of the 14 states to create this non-profit organization.
The only thing a home buyer in Arizona can do to get some of the $8,000 prior to buying his home is to reduce his income tax with holding. To find out how to do that, check here.
To qualify for the $8,000 tax refund, the home purchase must be completed before November 31, 2009.
This is free money! If you qualify, now's the time to buy a house.
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