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It's Time to Buy a Home. Mortgage interest rates are low, prices are low, the Extended Home Buyer Tax Credit 2009/2010, and you can get lots of help with your down payment and closing costs. Learn more click here.

Buying a Home? Before you start searching for your next home let me ask you a question. If you could wave a magic wand and transport yourself into your home ownership future, what would it look like? Learn more click here.

How to Buy a Fixer-Upper. The number of Lender Owned homes on the market today offers you many opport-unities to own a Fixer-Upper. The purchase of a home that needs repair is often a circular situation. Learn more click here.

Want to learn more? There are 21 free checklists and reports listed here. For example Take the Stress Out of Homebuying, Lender Check List; What You Need for a Mortgage, How Big a Mortgage Can I afford? Learn more click here.

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It's Time to Buy a Home. Mortgage interest rates are low, prices are low, and you can get lots of help with your down payment and closing costs.

Interest rates are low. Go to /Apps/PageManager/CEIFrame.aspx?URL=BankRate.com&secure=false to see today's rates.

Prices are low. According to the The Arizona Regional Multiple Listing Service (ARMLS) the median priced single family resale home sold for $127,000.00 from January 2009 through September 2009. For the same period in the 2008 the median price was $205,900.00. By the way the peak median price resale home was $253,418.00 in May 2006 according The Cromfort Report.

The Basics: Extended Home Buyer Tax Credit 2009/2010.

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:

Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.

Who Qualifies for the Extended Credit?

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

If you purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.

How is a Buyer's Credit Amount Determined?

Each home buyer’s tax credit is determined by tow additional factors:

1. The price of the home.           2. The buyer's income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Source: REALTOR.ORG

Down Payment Help. But wait there’s more! The State of Arizona, the City of Phoenix and Non Profit Organizations have down payment assistance programs. You do not have to be a first time homebuyer for some of these programs.

State - 22% down payment assistance. The state Your Way Home AZ program provides 22 percent of a home’s purchase price for eligible Arizonans, provided the home has been foreclosure upon. You must commit at least 1% of the purchase price from your own moneys. This assistance will be in the form of a differed second mortgage loan with zero percent interest, no monthly payment and the opportunity to be forgivable after a period of time. This type of loan is commonly referred to as a” Silent Second.” To learn more click here.

Phoenix. The city of Phoenix has kicked off their first Neighborhood Stabilization Program, "Homeownership Assistance" assisting buyers of foreclosed homes, townhouses or condominiums with $15,000 in down payment and closing cost assistance. The full amount of the loan is paid back to the city when the homebuyer sells the home or refinances. And you only have to invest $1,000 from your own moneys. To learn more click here.

Neighborhood Housing Services of Phoenix (A Non Profit Organization).
The HOME Down Payment Initiative program features down payment assistance up to $40,000. You only have to invest $1,000 from your own moneys. This program is for the first time homebuyer. And the property must be located in City of Phoenix. To learn more click here
.

Bank Programs. In addition to the above programs some banks have special programs can make owning a home easier. Some of these programs feature:

  • Easier qualification than traditional mortgages
  • Credit requirements that are less stringent
  • Low down payments
  • Closing cost assistance
  • Affordable monthly payments
  • No mortgage insurance
  • High loan to value
  • Repair money

Not all banks have all of these features.

Contact me with your questions by filling out the form on this page, Text (6027431410), eMail (Preston@BuyHomeInPhoenix.com) or Cell (602.743.1410).

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Buying a Home. Before you start searching for your next home let me ask you a question. If you could wave a magic wand and transport yourself into your home ownership future, what would it look like? Which neighborhood? How do I find a lender? How many bedrooms, baths, square feet? Do you want a garage?                                         

Start your home ownership future by getting yourself preapproved not just prequalified for your mortgage. Getting preapproved helps you in many ways. It will let you know how much home you can afford. Being preapproved will also increase your bargaining power with the Seller. The Seller won’t have to be concerned about your ability to qualify for your mortgage, because you are already preapproved. Click Get Preapproved to learn more.
What about the neighborhood, schools, transportation, style, condition and features? Click Property Wish List for a free printable checklist that will help you.

When you’re ready let's talk about your home buying plans call me at 602.743.1410 or email me at Preston@BuyHomeInPhoenix.com. We'll set-up a time that is easy and convenient for you.

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How to Buy a  Fixer-Upper. The number of Lender Owned homes on the market today offers you many opportunities to own a Fixer-Upper. The purchase of a home that needs repair is often a circular situation. The bank won't lend the money to buy the home until the repairs are complete, and the repairs can't be done until the home has been purchased.

HUD's FHA 203(k) program can help you with this situation and allow you to purchase or refinance a property plus include in the loan the cost of making the repairs and improvements. The FHA insured 203(k) loan is provided through approved mortgage lenders nationwide. It is available to people wanting to occupy the home.

The down payment requirement for an owner-occupant (or a nonprofit organization or government agency) is approximately 3.5% (subject to change) of the acquisition and repair costs of the property.

The 203(k) loan includes the following steps:

    • Select your FHA approved 203(k) lender and get preapproved for your loan.
    • Locate a fixer-upper, with my help of course, and execute a sales contract after doing a feasibility analysis of the property with me and a general contract. The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.
    • We then go to your FHA approved 203(k) lender and arrange for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improve-ment of the project.
    • The appraisal is performed to determine the value of the property after renovation.
    • When you pass the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs. The amount of the loan will also include a contingency reserve of 10% to 20% of the total remodeling costs and is used to cover any extra work not included in the original proposal.
    • At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.
    • The mortgage payments and remodeling begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.
    • Escrowed funds are released to the contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines their will be no liens on the property.

If you would like the name of a 203(k) lender or contractor just give me a call at 602.743.1410 or email me at Preston@BuyHomeInPhoenix.com.

The interest rate and discount points on the loan are negotiable between the borrower and the lender.The approve information was obtained and edited from the HUD website and is not guaranteed.

U.S. Department of Housing and Urban Development
451 7th Street S.W., Washington, DC 20410
Telephone: (202) 708-1112 TTY: (202) 708-1455


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Learn More. Do you want to learn more? There are 21 free checklists and reports listed here. For example Take the Stress Out of Homebuying, Lender Check List; What You Need for a Mortgage, How Big a Mortgage Can I afford? Just click on the checklist or report you want then print or save it. If you do not find what you were looking for, send me an email to Preston@BuyHomeInPhoenix.com with your request.

 

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