First-time Buyers, Jump in Now - While You Still Can!

You know that old comment about people who repeat themselves sounding like a broken record? I'm starting to feel like one here, but it's urgent that I keep repeating this refrain again and again if that's what it takes to make sure you take advantage of this great opportunity for first-time homebuyers.

We're in August now, and before you know it, the December 1 deadline for taking advantage of the federal government's $8,000 tax credit will be here. More important, though, is that the others like you who've been sitting on the fence thinking about buying that home will all jump off the fence at once.

What does this mean to you? It means you could be one of a LOT of people rushing to the market to buy a home before the deadline. The last thing you want is to finally decide to take action and buy that first house, and be faced with very little choice in properties because all the other fence-sitters got there before you.

When it comes to real estate, the inventory is limited. If you've been thinking about this purchase for a while, now is the time to TAKE ACTION. You definitely don't want to be one of those people, come tax return time next year, who is saying to themselves, “I wish I'd bought that house when I had the chance and gotten back $8000 in taxes.”

Search here for Phoenix homes.

For more information on some of the assistance options for Phoenix-area first-time homebuyers, please follow the links below:

The goal of the Phoenix Neighborhood Stabilization Program (NSP) is to help families purchase foreclosed homes at a discount, which in turn helps stabilize neighborhoods. The Phoenix NSP provides $15,000 loans for down payment and closing costs assistance for buyers of foreclosed homes in Phoenix.

The USDA is providing Section 502 loans, the goal of which is to help low-income individuals or families purchase homes in rural areas. You might be surprised to learn that parts of Anthem and ALL of Maricopa are covered under this program.

The US Department of Housing and Urban Development (HUD) is now offering a unique 203(k) loan that will cover the cost for homebuyers to purchase homes in need of repair or modernization and rehab them.

To qualify for the $8,000 tax credit, buyers cannot have owned a home for the last 3 years, and they must live in the home to which they apply the credit for 3 years or be obligated to repay the credit. Income restrictions also apply.

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