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If you are a thinking about buying home in the near future you may wanna check this out! You can get money towards your downpayment!!!! Check out this site....www.yourhomeaz.com!!!!!!! You could possibly get up to $15,000 towards your downpayment and closing costs!! WOW!!!
Funding is made available through the U.S. Housing and Urban Development Neighborhood Stabilization Program (NSP). The state of Arizona and nine other counties and communities received more than $121 million to help stabilize our hardest hit neighborhoods through a variety of efforts.
FIND OUT IF YOU ARE ELIGIBLE!!!
New programs, backed by federal funds, now are available to help people buy foreclosure homes across metropolitan Phoenix.
Money for the programs, which include down-payment and closing-costs assistance, is coming from the $121 million in Neighborhood Stabilization funds Arizona is receiving.
The money must go toward helping the state's neighborhoods hardest hit by foreclosure, and most of those areas are in the Valley.
Neighborhood Stabilization programs are being offered by the state, Maricopa and Pima counties and the cities of Avondale, Chandler, Glendale, Mesa, Phoenix, Surprise and Tucson. Information on most of the programs is on the Arizona Department of Housing's new Web site, YourWayHome Az.com. Go to the site to see if you qualify. In some cases, buyers could qualify for more than one program.
Most cities are offering qualifying buyers help in purchasing and even renovating foreclosure homes. Phoenix received the biggest share of the federal funds, $39.5 million. It is offering eligible buyers as much as $15,000 in down payment and closing costs.
The state is using more than half of the $38 million it is getting to help people with down payments on foreclosure homes. Borrowers who earn 120 percent or less of an area's average median income are eligible.
Arizona's Neighborhood Stabilization funding was approved in December, but the money wasn't available until April. Not all of the programs are fully operational yet, but prospective buyers can put their names on waiting lists.
Most programs require home-buyer counseling.
Also, watch out for company Web sites with similar names that ask for money.
All information on the state's Web site is free, said Donald Cardon, who took over as director of the Housing Department in March. He said the Neighborhood Stabilization programs will help some people afford homes who couldn't just a year ago.
The YourWayHomeAz Web site will be updated as new programs are available. Neighborhood Stabilization funds must be spent by 2011. One concern is that in some of the neighborhoods, the supply of foreclosure homes is falling as more investors purchase the properties. The recent drop in Valley foreclosures could also impact the programs.
Showing posts with label home buyer tax credit. Show all posts
Showing posts with label home buyer tax credit. Show all posts
Wednesday, May 6, 2009
Thursday, April 16, 2009
Wednesday, March 18, 2009
Thursday, February 26, 2009
HOME BUYER TAX CREDIT RVISED
The good news keeps rolling in. January was the 2nd best for single family home closings ever; Pending home sales is over 10,300 here in the valley; Fannie Mae has changed from limiting investors to 4 total mortgages to now they can get up to 10 total mortgages; FHA loan limits were raised from around $250K to around $350K; and finally this tax CREDIT for $8,000!
Just my Opinion...Jeff Cameron
HOME BUYER TAX CREDIT REVISED:
$8,000 TAX CREDIT TO TAKE EFFECT WITH NEW BILL
After debate over the final dollar amount, the new economic stimulus bill awaiting President Obama's signature on Tuesday will contain an $8,000 tax credit. First-time buyers can claim the credit worth $8,000 or 10% of the home's value, whichever is less either on their 2008 or 2009 taxes.
This credit will be refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pay when they filed their returns - was less than that amount.
To qualify for the credit, potential home owners must have purchased January 1, 2009 or later and will have up until November 30, 2009 to close on their new home. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. Although higher-income buyers may receive a partial credit.
In addition, applying for the credit will be easy as home buyer will be able to just claim it on their return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
This new plan improves on the current $7,500 tax credit, which was passed in July and was more of an interest free loan than an actual credit. But it did not go as far as a proposed a $15,000 non-refundable credit for all homebuyers.
According to the National Association of Realtors, the $8,000 credit will bring an additional 300,000 new homebuyers into the market between now and its expiration on November 30, 2009 which should somewhat improve the housing market.
In addition, a carryover effect may occur because each first-time homebuyer sale will lead to two more trade-up transactions down the line. As it will allow more existing sellers to sell their homes to potential first time buyers. The true impact is yet to be determined, but the credit is a step in the right direction to help further stimulate the housing market.
Just my Opinion...Jeff Cameron
HOME BUYER TAX CREDIT REVISED:
$8,000 TAX CREDIT TO TAKE EFFECT WITH NEW BILL
After debate over the final dollar amount, the new economic stimulus bill awaiting President Obama's signature on Tuesday will contain an $8,000 tax credit. First-time buyers can claim the credit worth $8,000 or 10% of the home's value, whichever is less either on their 2008 or 2009 taxes.
This credit will be refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of withholding they paid during the year plus anything extra they had to pay when they filed their returns - was less than that amount.
To qualify for the credit, potential home owners must have purchased January 1, 2009 or later and will have up until November 30, 2009 to close on their new home. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. Although higher-income buyers may receive a partial credit.
In addition, applying for the credit will be easy as home buyer will be able to just claim it on their return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
This new plan improves on the current $7,500 tax credit, which was passed in July and was more of an interest free loan than an actual credit. But it did not go as far as a proposed a $15,000 non-refundable credit for all homebuyers.
According to the National Association of Realtors, the $8,000 credit will bring an additional 300,000 new homebuyers into the market between now and its expiration on November 30, 2009 which should somewhat improve the housing market.
In addition, a carryover effect may occur because each first-time homebuyer sale will lead to two more trade-up transactions down the line. As it will allow more existing sellers to sell their homes to potential first time buyers. The true impact is yet to be determined, but the credit is a step in the right direction to help further stimulate the housing market.
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