There may never be a better time for First Time Home Buyers to purchase a home than now. Because of the large inventory of home for sale in Arizona at the most affordable prices for years; Available financing programs that require less money to get into a home than conventional financing such as FHA loans (loan amount $346,250 in Maricopa County), if you are a first time home-buyer you may want to take a serious look at buying a home NOW! In addition to the popularity and increase in the amount of FHA loans and the affordable real estate market, there are also other incentives for Arizona First Time Home Buyers to purchase a home like the tax credit proposed in the stimulus package.
The $790 billion stimulus package hammered out by House and Senate late yesterday increases the home buyer tax credit From $7,500 to $8,000 and eliminated the repayment feature for buyers who hold on to their property for at least three years. The three-year minimum holding period is a safeguard against speculators' use of the credit. The legislation has also extended the effective date of the credit to December 1 from June 30. This credit is available only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply, but those are unchanged from the existing program.
Couple the attraction of FHA loans, the tax credit, and the state of the greater Phoenix Real Estate Market it may be a very wise time for first time home buyers to seize the opportunity while it is here.
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