October 25, 2009 by lourie

Now that the deadline for first time homebuyers is fast approaching…a noticeable slow down can be seen in the Phoenix real estate market.   Most first time homebuyers who do not have a sale pending would be hard pressed to get a sale closed by November 30, 2009.  But most homebuyers that I talk to are in hopes that the Federal Government will extend the deadline.  And while it is rumored that this may happen, nothing concrete has been announced….so we all wait, hoping that the base for most of our recent market stimulation will indeed be given additional life.

But homebuyers should make note… our state’s down payment assistance program still has funds!  And for homebuyers who meet program income limits, do not currently own a home, and meet minimum FHA credit standards…this is still a HUGE opportunity.  The State of Arizona’s Your Way Home Program will award you up to 22% of the purchase price on qualified, foreclosed homes to homebuyers that meet and complete the program application requirements.  On a $100,000 purchase price, that’s $22,000 dollars…an amount that, depending on how long you own the home, may be forgiven!!!  So even without the $8,000 Federal Tax Credit some buyers can still be BIG winners.

For more information on participating organizations and how to get started, email me or give me a call…

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