Utilizing the Federal tax credit:
Let's face it, Arizona is on SALE right now with a great buyers market. Home prices and interest rates are near an all time low in most areas. So you may be asking yourself, how do I get into a home without saving up $3,500, $5,000 or more for the down payment and closing costs? Many buyers want to take advantage of this market but don't know how. This is the true power of the $8,000 tax credit when combined with seller paid closing costs and "giftable" down payments.
The Federal Government is giving up to $8,000.00 after close of escrow to anyone who has not owned a home in the last three years.
For example:
2005 Home sold for $250,000.00
Bank now owns it and
discounts price by 40 % $100,000.00
2009 price would be $150,000.00
60% of the high price
Or monthly payments would be $1,000.00*
FHA Loan Program**
3½ % down payment that can be a gift $5,250.00
Seller or Builder can pay up to
6% for buyers closing costs $0.00
Tax Refund after close of escrow $8,000.00
= FREE***
Appreciation:
When prices go back, history shows they will, you get the gain TAX FREE if you lived in the home for at least three years up to:
Individual: $250,000 Couple: $500,000
Bottom Line:
Buy real estate! This is how wealth is accumulated.
*Estimated payment based on 5% interest rate and estimated tax and insurance payments
**Buyer must be able to qualify for an FHA loan
***Upfront costs may apply for earnest deposit, appraisal, home inspections and other costs during a standard escrow period.
How to Buy a Home with NO money
by Chad Hagenson on Tuesday May 19, 2009
2 comments
2 Comments
Herb Shinkle - June 3rd, 2009 at 10:04 AM
We have read this article and would like to receive more information. We would also like to get the web site about this information. Does this include all of Arizona.
Chad Hagenson - June 3rd, 2009 at 1:54 PM
Please call or email me to discuss your options for buying a home with no cash out of pocket. You can also contact one of my lenders to get pre-qualified for a mortgage and they can explain the options of "giftable" down payments with an FHA loan. This tax credit applies to all housing in Arizona.
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