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Bill Travis, ePRO, BBS, GRI, CDPE
Direct: (480) 226-1630
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HOME BUYING AND SELLING TIPS
FOR PHOENIX, GILBERT, AND ALL THE
PHOENIX METROPOLITAN CITIES
Plus
First Time Home Buyers Information
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Buying a home can be one of your most significant investments in life.
Home Buying Articles and Advice provides detailed information to assist you in making an intelligent and informed decision.
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Want to sell your house? Visit Home Selling Articles and Advice, and get the maximum market value for your home and learn valuable tips to help the entire process go more smoothly.
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FIRST TIME HOME BUYERS TAX CREDIT INFORMATION
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TAX CREDIT EXTENSION
In November 2009 President Obama signed the law extending the $8,000 tax credit for first time buyers of real estate for a primary residence. This extension should further continue to help the lagging real estate and building industry in the Phoenix and Gilbert areas and the rest of the Phoenix Metropolitan area.
FIRST TIME HOME BUYERS
Below are some of the details for the up to $8,000 tax credit
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The first time home buyer is defined as one who has not owned a home in the last three years.
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Income limits have been increased to $125,000 for single persons.
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Income limit for married home buyers increased to $225,000.
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A purchase contract for the home must be signed by April 30, 2010.
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The escrow for the home purchase must close by June 30, 2010 .
With these income increases, a high percentage of first time home buyers will now be eligible for the credit.
CURRENT HOME OWNERS
Current home owners may purchase a home and also be eligible for a tax credit up to $6,500.
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The new home purchase can be a Move-Up, or a Down-Size.
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Current homeowner must have lived in their home for five consececutive years out of the previous eight years.
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The income limits are the same as the first-time home buyers limits.
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The tax credit is limited to a primary residence purchased for under $800,000.
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The home must be used as their primary residence for a minimum of 3 years after the purchase.
PREVENTING FRAUD
The potential for fraud in the first time home buyers program is enormous, so there are some provisions that have been put in place to help prevent home buyer real estate fraud.
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One step is that a home buyer claiming the credit must provide some sort of document, typically a HUD-1 Settlement Statement to show that the sale has acutally closed.
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Persons under the age of 18 are not eligible for the credit.
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FOR ASSISTANCE IN BUYING OR SELLING YOUR HOME IN VAL VISTA LAKES, GILBERT, MESA, CHANDLER, TEMPE, SCOTTSDALE AND THE PHOENIX METROPOLITAN AREA
CONTACT CAPTAIN BILL
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