MONEY IS AVAILABLE FOR DOWN PAYMENT AND CLOSING COST TO HELP YOUR PURCHASE A HOME!
Avondale, Phoenix, Mesa, Gilbert, Chandler and other Valley cities have money available to help you purchase a home through their neighborhood stabilization programs. What that means to you is $$$$ towards your new home purchase.
You have seen them; they are all around town, vacant homes, abandoned homes, foreclosed homes, etc. In order to keep the neighborhoods from being eye soars, breeding grounds for vandalism, or crime scenes, a conscience effort is being made to fill those properties with responsible buyers. This could be you!
Short of cash to purchase a home?
There are several programs available to help. President Obama signed The Worker, Homeownership, and Business Assistance Act of 2009 into law on Friday, November 6th to help strengthen the nation's economic recovery. It is anticipated, that by extending the first-time homeowner tax credit and expanding the program to cover current homeowners, the inventory of unsold homes will continue to be reduced and homeownership will continue to rise. The White House states that "residential housing investment grew 23 percent in the third quarter, one of the contributors to positive economic growth. The bill temporarily extends the $8,000 tax credit for first- time homebuyers for homes under contract by April 30, 2010.
It also expands the program to provide a $6,500 tax credit for existing homeowners if they have lived in their homes for at least five (5) years and want to "step up" to a new home. Again, the law states that homes must be under contract by April 30, 2010.
Additionally, it extends the same tax credits until May, 2011 to members of the "uniformed services whose duty takes them overseas."
Fraud in on the rise in many arena, and mortgage fraud is not an anomaly, therefore a measures designed to combat fraud and protect responsible homebuyers is a part of the President’s plan. One of his requirements is to limited home purchases to people who meets the minimum age requirements, and can produce "documentary proof of the purchase to receive the credit.
It also expands the program to provide a $6,500 tax credit for existing homeowners if they have lived in their homes for at least five (5) years and want to "step up" to a new home. Again, the law states that homes must be under contract by April 30, 2010.
Additionally, it extends the same tax credits until May, 2011 to members of the "uniformed services whose duty takes them overseas."
Fraud in on the rise in many arena, and mortgage fraud is not an anomaly, therefore a measures designed to combat fraud and protect responsible homebuyers is a part of the President’s plan. One of his requirements is to limited home purchases to people who meets the minimum age requirements, and can produce "documentary proof of the purchase to receive the credit.
Who is eligible?
All U.S. citizens who file taxes.
Who is considered a "first time" homebuyer?
Anyone defined by law as buyers who have not owned a principal residence during the three-year period prior to the purchase. Who is considered an "existing" homebuyer?Anyone who has been living in their principal residence for five (5) consecutive years out of the last eight (8) and is purchasing a home to be their new principal residence.
Are there income limits?
Yes. Homebuyers filing taxes as a single or head-of-household can claim the full applicable credit for either of the tax credit programs if their modified adjusted gross income (MDGI) is less than $125,000. Single or head-of-household taxpayers with incomes between $125,000 and $145,000 are eligible for partial credit. For married couples filing jointly, combined income cannot exceed $225,000. Married couples whose combined incomes are between $225,000 and $245,000, and file a joint tax return are also eligible to receive a partial tax credit. Single taxpayers whose MAGI is greater than $145,000, and married couples filing a joint tax return with a MAGI over $245,000 are not eligible to participate in the program. What are the effective dates?Homes purchased after November 6, 2009 and before May 1, 2010 are eligible for the tax credit. Home purchases subject to a binding contract signed by April 30, 2010, will qualify if closing occurs before July 1, 2010.
What types of homes qualify?All homes with a purchase price of LESS THAN $800,000 qualify provided that the home will be used as the principal residence. Vacation homes and rental property purchases DO NOT qualify.
Is the tax credit refundable?
Yes... if the amount of income taxes owed is less than the credit amount a homebuyer qualified for, the government will send a check for the difference. All qualified homebuyers can take the tax credit on either their 2009 or 2010 tax return.
CAL
L ME FOR INFORMATION ON FUNDS AVAILABLE THROUGH VARIOUS CITY PROGRAMS TO GIVEN TOWARDS YOUR DOWN PAYMENT AND CLOSING COST.CYNTHIA SMITHERMAN, ABR, GRI, DB, CPDE, ASP, C-REO , REALTOR, REALIST, VP-AAREB.
602 697-4487 OR EMAIL:Cynthia@emagehomes.com
http://www.homes4saleaz.com/
equal opportunity real estate agency
