Attention First Time Home Buyers:
There is a very a narrow window of opportunity right now.
I'm talking about those who go into contract before October 1st.
You'll be able to qualify for down payment assistance programs that pay most (sometimes all) of your closing costs.
You'll also be able to qualify for the tax credits that will be made available through new legislation. This is a credit toward your taxes valued at up to $7,500.
UPDATE: The details are thus... Any home purchased between April 9, 2008 and July 1, 2009 can qualify for $7,500 or 10% of the purchase price (whichever is less). That means if you owe $2,500 in taxes, you would instead be able to receive a refund of $5,000. sounds great, right? The catch is you have to pay back the credit. You have 15 years to do so; and there's no interest applied. So... that tax credit amounts to money now at a price of $500/year on future taxes.
The tax credit will be available after October 1... but the downpayment assistance goes away. It's such a great time to buy that home you've been wanting.
These incentives are available nationwide... I can help you in Arizona.
When you consider that there are other builder incentives at work, you could have triple savings.
I'm a buyer's agent. That means I help you find the home you're looking for. I do this at no cost to you. It's possible to buy a home right now with a few hundred dollars down. All the additional costs are paid by someone else. Let me help you find a home in Chandler, Gilbert, Mesa, Tempe, Scottsdale, Queen Creek or Maricopa. You'll be surprised by how many great deals there are out there right now.
---------
Chuck Willman - Gentry Realty - 480.292.0600
 |
|
|
Accredited Buyer's agent & Listings Pro. Specialties: investors, first time buyers & international clients in the Phoenix Metro area including: Gilbert, Mesa, Scottsdale, Tempe, Chandler, Queen Creek.
The Return to Housing Affordability
Arizona Home Builders in Financial Trouble - August 19,2008 List
Arizona- the New "Little" Hollywood
Arizona Home & Building Expo Opens Friday- Get in Free With This Link
Bargain Homes Available- Phoenix Metro Area
Leave the Stretching to Exercise- Not Home Purchasing
Price of Water- How is it in your city? ... This may surprise you
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
Hey Chuck believe it or not we still have some 100% financing with 6% assistance around here still. I think it ends this month.
Chuck- i hope we don't get into another "buyer beware" situation. I believe some of the new housing incentives are simply interest free loans, that will have to be repaid.
Chuck- The above comment was from me. I'm using the office computer, waiting for a client to arrive and I forgot I wasn't automatically logged in.
John- Yes. Louisiana has some great deals... from financing to go-zone incentives. There are still specialty loans such as rural housing as well... but many of these programs are being phased out or going away.
Marilyn- Exactly. Some of the incentives and loan programs are of the too-good-too-be-true type. However- the down payment programs I'm speaking of are those that accompany FHA products ... such as Ameridream. On the other side of the coin are these new-legislation programs... I'll be posting more about these later and so will everyone, I assume. :-)
Hopefully the new housing bill will save us from the loss in sales. We need down payment assistance programs for our buyers
Debbie- In Phoenix there is this chicken-and-egg problem. Many of the builders have used down payment assistance as a means to sustain sales. Along one corridor dpa has been used in 90% of all new home sales transactions. The new housing rules not only takes away the dpa but also raise down payment requirements on many loans from 3% to 3.5%. My guess is that the housing relief may dampen sales more than increase them. In a perfect market it should be inconsequential.... meaning those who don't qualify shouldn't be buying anyway. However it is a pendulum swing from easy money and low credit purchasing of a few years ago to raising requirements during a time of financial woe. When persons with what used to be deemed "good credit" can no longer qualify for a traditional loan ... and many loan products falling by the wayside every other week we could be in for a longer recovery than many expect. I suspect we'll see innovators find ways to make home purchasing more affordable- however, like always, we'll be doing our best to figure out the value of these loans, incentives and other programs that will come out. Thankfully- many of the predatory/harmful loan products have fallen by the wayside... as we can all see that some of these instruments definitely had a hand in the lending crisis that precipitated the housing lull.
Chuck - There is yet another housing bill on the table HR6694 that is trying to save DAP. The tax credit can actually act as a round-about way to get an IRS funded DAP...
Paul Dunn
Tucson's FHA Mortgage Loan Originator
Arizona USDA Rural Home Loans
Thanks Paul... I'm gonna put that one on the radar screen for sure.
Chuck - Isn't DPA from non-profits/government agencies still allowed?
Jackie- There are specific programs that are going away... one of which being the Ameridream program. Although these charitable groups have a very high success rate (94%) in helping turn renters into buyers, they also have a negative impact on the economy because those who've used down payment assistance programs have are prominent among the current foreclosures. So... we could have a chicken-or-egg argument here.... do DPA programs cause foreclosures? Does turning renters into buyers have a positive or negative effect? Will raising down payment requirements help or hurt in the short or long term?
The expiration of DPA is set for October 1... my feeling is that it will hinder sales in the short term... which may not be a bad thing if it has an overall positive effect on the economy.
Hey Chuck good post, as Paul is right Nehemia has proposed just last Thursday the new HR6694 as to keep the DPA's alive, so contact the everyone you know and have them contact out State Officials to continue with this program. The Rural Housing programs are here in outlining areas Queen Creek, Buckeye, Maricopa, it is all targeted areas. Also if you sell any homes as you are a buyers agent look on HUDS website as the HUD REO homes the buyer can come in with 100.00 Down. Give me a call I would love to help your Buyers.
Chris Davis
State Mortgage LLC
602-686-9752