Do You Know There Are Programs Available to Help Home Buyers?
The $8000 tax credit has been renewed, so if you have your real estate professional help you write a contract to purchase a home before May 1, 2010, and close by July 1, 2010, you will be eligible for the tax credit. The tax credit would be equal to 10% of the purchase price of the home, however, it will not exceed $8000.
If you are a first time home buyer - someone who has not purchased a home within the past three years, you would be eligible for the tax credit. The credit does not have to be paid back if you stay in the home for at least three (3) years as your primary residence. The purchase must be less than $800,000 and income is a factor as well. If you are married your combined income can not be more than $225,000, or if single, no more than $125,000 yearly to still be eligible for the tax credit.
City of Chandler has a program available Neighborhood Stabilization Program, (NSP) which allows a home buyer to purchase a home that has been abandoned or foreclosed. You must be a first time home buyer, and your income, if single is bwtween $55,320 and up to $79,090 for a family of four. What makes the homes affordable for individuals is that they are purchasing the structure only, and not the land. The individual can live on the property for an indefinite period of time, and can actually pass the property on to their heirs. For more information on the program you may want to visit www.newtowncdc.org and of course you want to have your real estate professional help you in your search for the home and writing the contract.
City of Phoenix also has a Neighborhood Stabilization Program which will provide up to $15,000 loan for down payment and closing cost for the buyer. The loan would not have to be paid back until the home buyer sells or refinance the home. Again this program is to help eliminate all of the foreclosed homes, in the City. There are income limits that range from $55,250 to $104,400 depending on your family size. For more information contact City of Phoenix.
City of Mesa- has a very similar program that gives $15,000 towards down payment and closing cost, which does not have to be repaid if you stay in the home for five to fifteen years. As with all the programs housing counseling is required and a small down payment is required from the Buyer, usually no more than $1000. For more information on this program contact the City of Mesa, NSP program.
To find out more about the tax credit, or to get pre-qualified for a loan, feel free to visit:
http://www.samuelmelvin.com/Homebuyer_20_Tax_20_Credit_20_Update.html
When looking to buy or sell a home call Cynthia Smitherman, ABR, GRI, DB, CPDE, VP_AAREB,
602 697-4487 or email: cynthia@emagehomes.com or web: www.homes4saleaz.com
Comments(0)