HomeStyle Team Phoenix Real Estate Blog » Buyer Programs

$0 Down Payment Required–Queen Creek and San Tan Valley Foreclosure Homes Qualify!

Joe Martin — Wed, 04 Aug 2010 01:35:06 +0000

San Tan Valley and Queen Creek homes are eligible for the USDA Single Family Home Loan Program.

San Tan Valley and Queen Creek are great areas for First Time Home Buyers for several reasons, mainly because buyers can easily buy a home for under 85K and the homes are new and primarily in great condition. Add that with the USDA $0 down loan program (compared to the 3.5% required as a minimum down payment for FHA loans) and you have a win-win for any First Time Home Buyer.

There are income and property eligibility requirements that have to be met in order to qualify to buy a home with this loan program and YES foreclosure homes do qualify!

Income Eligibility: Applicants for loans may have an income of up to 115% of the median income for the area and families must be be able to afford the mortgage payments, including taxes and insurance.

Property Eligibility: The home to be purchased must be located in an eligible rural area as defined by USDA.

For additional foreclosure homes that qualify for $0 down payment USDA Loan Program follow these links:

San Tan Valley foreclosures or Queen Creek foreclosures

If you want to find out if you qualify just fill out the form below and we will contact you right away.

cforms contact form by delicious:days

24 Days Left Until Phoenix Home Foreclosure Auction Event!

Joe Martin — Wed, 14 Jul 2010 20:58:31 +0000

This is NOT your ordinary foreclosure home auction event!

Freddie Mac, New Vista (first time home buyer focused firm) and REDC (largest real estate auction firm in the U.S.) have teamed up to create this awesome opportunity for Phoenix area home buyers.

With up to 150 or more pre-selected foreclosure homes on the auction block and no investor being allowed, this event will prove to be a windfall for owner occupant buyers who have been unable to get their offers accepted in the active buyers market we’re in now.

This event is for home buyers planning on owner occupying the property and/or first-time home buyers ONLY!

Some highlights below:

No investor competition

Up to 22% down payment assistance available for qualified buyers via the Neighborhood Stabilization Program (NSP)

3% closing cost incentive

2 year home warranty

Homes will not be pre-sold so they are guaranteed available.

We have received the list of foreclosure auction homes that will be sold at auction on August 7th. Please contact us to schedule a preview.

Home Buying Tax Credit Extended!

Sarah Reiter — Fri, 02 Jul 2010 03:19:46 +0000

Lots of happy home buyers were kept in suspense the last few weeks as buzz about the home buying tax credit deadline circulated. The deadline was set to expire June 30th.

Homebuyers will now have until September 30th to complete their real estate purchases. The House of Representatives approved the bill on Tuesday and the U.S. Congress approved the bill just yesterday.

The bill is now going to President Obama for his signature.

Arizona Foreclosure Auction Event for First Time Home Buyers ONLY!

Joe Martin — Wed, 30 Jun 2010 01:10:26 +0000

Table of contents for NSP Auction August 8th

Arizona Foreclosure Auction Event for First Time Home Buyers ONLY!

Freddie Mac is rolling out the red carpet for home buyers in Arizona via The NSP (Neighborhood Stablization Program) Auction on Saturday, August 7th for owner occupants and First Time Home Buyers only! No investors will be permitted at this event.

As an “owner occupant” bidder, this is great news as this will mean less competition, less overbidding and a much higher chance of getting a great home bought at an outstanding value due to the slower auction style.

Open houses for this exclusive auction event start in late July. Be prepared and register now for the required home buyer counseling course in order to take advantage of NSP funds.

Pre-registered qualified Buyers at this auction can receive…

Up to 22% down payment assistance from the state

3% closing cost incentive plus refrigerator

2 year home warranty

**Participants must take a home buyer counseling course in order to take advantage of NSP funds so preparation is key for this event!**

Call 480.270.5201 or email us for details.

$8000 Tax Credit: The End Is Near

Joe Martin — Tue, 11 Aug 2009 15:41:10 +0000

The end is near.

The end of the $8000 tax credit (as it currently stands) is approaching and everyone who is considering taking advantage of it should be actively looking for a home in order to get it done by the deadline.

The $8000 tax credit program is scheduled for termination as of December 1, 2009 – which doesn’t leave as much time as you may think. I know, I know – you might be thinking “December is a long ways off – I can wait a while…” but consider this:

Due to current market conditions, houses in the sub-$300k range are getting multiple offers – which means you may need to “bid” on multiple properties before “winning” one.
It “normally” takes 30 days to get your financing arranged once you have a sales contract.
According to the IRS, you must actually close on the home home for it to be considered occupied and qualified for the credit.

Will The 8000 Tax Credit Be Extended?

Yes. That is my official prediction. And now that I have said that, you must know that I am wrong about these things more than I am right.

So don’t take my word for it.

No one really knows whether or not the $8000 tax credit will be extended – but it will take an act of Congress to get it extended — so my best advice is that if you are even considering buying a home and taking advantage of the $8000 tax credit then don’t count on it being extended.

Act fast!

Thanks to Justin McHood for contributing to this article.

New National Stabilization Program (NSP) could mean free money for your home purchase

Joe Martin — Fri, 17 Jul 2009 16:11:42 +0000

Free money for your new home purchase? If you are buying a Phoenix foreclosure property there could be free money for you as long as you qualify. Under the new National Stabilization Program, if you combine it with an FHA loan not only could you get into the home with less money down, you could save tens of thousands off your mortgage.

You may also hear this called a 1% down FHA loan. FHA guidelines still require 3.5% down, but when combining the FHA and NSP program, you could indeed get into the home for only 1% down up front.

So what are the details and qualifications of the National Stabilization Program?

You must use a qualified lender.
You must attend an eight-hour class which will counsel you on purchasing a home.
You must be purchasing a bank owned foreclosure.
The property must be used as a primary residence. If you already own a home that home must have been leased for at least 12 months before applying for this program.
You must meet FHA debt-to-income ratios.
You can purchase the home with cash, which means you would get up to 22% off the purchase price as a silent second.
You must be approved for the program prior to submitting an offer on a house.
Maximum purchase price in Maricopa County is $346,250.
You must meet income requirements (see below).

Maximum income to qualify in Maricopa County

Family of 1   $55,350
Family of 2   $63,250
Family of 3   $71,750
Family of 4   $79,100
Family of 5   $85,400
Family of 6   $91,750
Family of 7   $98,050
Family of 8+ $104,400

How the NSP works:

You can receive free money for up to 22 percent of the purchase price.
All loans are zero percent interest with no monthly payments.
The balance of the loan is forgivable at compete of the the term.
All loans are forgivable after a period
- 5 years for assistance of $15,000 or less
- 10 years for assistance between $15,000 and $40,000
- 15 years for assistance of more than $40,000

The program acts as a silent second mortgage on your home and once you meet the timetables above the loan is forgiven. If you do sell early the loan needs to be paid off, but is interest free.

For more details contact a lender or visit YourWayHomeAZ.com

$8,000 first time home buyer tax credit for down payment

Joe Martin — Mon, 01 Jun 2009 15:27:15 +0000

The HUD has given approval for first-time home buyers to use their $8,000 tax credit for additional down payment money or to help with your closing costs.

So how will this work? You will need to obtain an IRS Form 5404 from the IRS website to get started. The money will be credited towards your down payment or closing costs at the close of escrow then you will be required to pay the money back when you get your tax credit.

Yes you need to pay it back. This is not money going directly from the government to the lender, it is money being promised by the government to the lender. After you purchase the house you can amend your 2008 tax return and get a credit of up to 10% of your home purchase price up to $8,000.

Once you receive the check from the government you will need to use it for what it was intended for. If you choose to use it on furniture instead of the purpose that is okay, but the money you had promised as a down payment of to help cover closing costs will not be turned into a second mortgage on your house.

You will still need your 3.5% down for your FHA loan, this additional money will be added on top of that 3.5% if you choose, not in replacement of. When you are talking to your lender about your FHA loan tell your lender you are interested in using the tax credit for additional down payment money and they will get you started.

You can also use the money toward your closing costs. Again you will need to tell your lender you plan on using the first-time home buyer tax credit for your closing costs and they will get you started on the paperwork.