THIS IMMACULATE HOME FEATURES: 4 SPACIOUS BEDROOMS, 2 BATHROOMS, MEDIA/BONUS ROOM, 2 CAR GARAGE WITH EPOXY FLOORS AND BUILT IN CABINETS. PREMIUM LOT BACKS THE PRESERVE/WASH. MANY UPGRADES THRU-OUT - 20' TILE, GOURMET KITCHEN W/HUGE ISLAND AREA,CUSTOM GRANITE, STAINLESS APPLIANCES, MAPLE CABINETS, SATIN NICKEL FIXTURES,WOOD SHUTTERS ON EVERY WINDOW. FRESH PAINT AND NEW PLUSH CARPET WITH THICK UPGRADED PADDING JUST REPLACED IN EVERY ROOM (12/09). PROFESSIONALLY LANDSCAPED WITH GRASSY AREA, EXTENDED PATIO, PEBBLE TEC POOL W/WATERFALL. DON'T FORGET ABOUT OUR SCORCHING SUMMERS! HUGE LAUNDRY ROOM. ENERGY EFFECIENT-DUAL A/C! HOME IS MOVE IN READY! GREAT VALUE FOR THE AREA!

THIS REMODELED HOME FEATURES: 3 BEDROOM, 2 1/2 BATHROOM PLUS DEN, GREATROOM FLOORPLAN, 3 CAR GARAGE, PREMIUM CORNER LOT, 10 FT CEILINGS, POOL, AND MUCH MORE. LOCATED ON A CUL-DE-SAC STREET WITH NO THRU TRAFFIC. GREEN BELTS AND PARKS SURROUND THIS HOME MAKING IT A GREAT PLACE TO CALL HOME. HOME HAS BEEN FRESHLY PAINTED INSIDE AND NEW TILE AND CARPET HAVE JUST BEEN INSTALLED IN OCTOBER. CLOSE TO SCHOOLS, PARKS, SHOPPING, FREEWAYS...THIS HOUSE IS A 10+++

And what does this new and improved product have to offer? Here’s the highlights:

1.  First time homebuyers (defined as those who have NOT owned a primary residence in the previous 3 years), may be eligible for the $8,000 tax credit. (As before, there is a 10% cap, so if the home sales for $70,000, then you would only qualify for $7,000).

      New and Improved:  Not just for first time homebuyers anymore!!!  Current homeowners who have been living in their primary residence consecutively for 5 out of the last 8 years, and are repeat buyers (and buying another primary residence), may be eligible for up to a $6,500 tax credit.  

2.  This new credit becomes effective on homes purchased after November 6, 2009 and before May 1, 2010. Buyers must have binding contracts in place by April 30, 2010 and you must CLOSE on the transaction by June 30, 2010. 

3.  Qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.

4.  Now as before, there are income limits. Homebuyers who file as single or head-of-household can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers), if their modified adjusted gross income is less than $125,000. For married couples filing a joint return, the combined income limit is $225,000. If you file as single or head-of-household, and earn between $125,000 and $145,000, or are married and jointly earn between $225,000 and $245,000, you are eligible to receive a partial credit. The credit is not available for single taxpayers whose modified adjusted gross income is greater than $145,000 or married couples with a modified gross adjusted income greater than $245,000.

5.  And how much can you buy? All homes under $800,000 qualify. This not only includes resale homes, but also new construction, townhomes and condominiums, as long as they will be purchased as your primary residence. You CANNOT use the credit on vacation homes or rental property.

6. And the final do’s and don’ts: 

a.     You must live in the home for 3 years or you will have to pay the credit back.

b.    You cannot obtain the home by means of a gift or inheritance.

c.     You cannot obtain the home from a child, spouse, your mother or father.

d.    You must be 18 years of age or older. (This had to be clarified since a 4-year-old recently tried to claim the tax credit – not good!)

e.     To get your credit, fill out IRS Form 5405 and submit your HUD-1 (Settlement Statement) with your tax return.

IT'S ALL ABOUT LOCATION! THIS PARADISE VALLEY HOME IS CENTRALLY LOCATED TO ANYWHERE IN THE VALLEY. DESIRABLE PROMONTORY NEIGHBORHOOD IS WITHIN THE HIGHLY SOUGHT AFTER CHAPARRAL SCHOOL DISTRICT. YOU'LL BE WELCOMED WITH A GRAND ENTRY AND VAULTED CEILINGS. A SPACIOUS KITCHEN WITH OVERSIZED ISLAND AND ABUNDANCE OF CABINET SPACE PROVIDES A GREAT PLACE TO GATHER WITH FRIENDS AND FAMILY. THE MASTER RETREAT IS SPLIT FROM THE OTHER SPACIOUS BEDROOMS AND PROVIDES A PRIVATE EXIT TO THE POOL AND PATIO AREA. SPEND A LAZY SUMMER DAY RELAXING IN THE SPARKLING DIVING POOL. DON'T MISS THE BASEMENT IN THIS HOME, WHICH OFFERS A LARGE GAMEROOM AND TWO MORE OVERSIZED GUEST BEDROOMS. FRONT AND BACKYARD ARE VERY LOW MAINTENANCE. THIS IS THE LOWEST PRICE PER SQUARE FOOT IN PROMONTORY! 

This 4 bedroom, 3 full bathroom home will welcome it's new owner with all the upgrades: 42 inch maple cabinets, stainless upgraded appliances, 20 inch diagonal tile laid throughout entire lower level, upgraded interior doors and hardward, two toned interior paint, upgraded carpet and pad. Front and backyard landcaping. Great Gilbert Schools, close to upscale shopping, freeways, hospital and schools. Enjoy community parks, pool, volleyball and basketball too.

• The borrower must meet standard FHA credit qualifications (there's no set credit score barometer, but a borrower's debt-to-income ratio is heavily considered). 
  
• The borrower is able to finance the upfront mortgage insurance premium into the loan. The borrower will be responsible for paying an annual premium.
  
• The FHA mortgage requires a low 3.5-percent down payment, and that money can come from a variety of sources, including parent gifts and HUD downpayment assistance grants.
  
• Closing costs are also low - typically 3 percent of the total purchase price - and are usually covered by the seller in today's market. They can also be incorporated into monthly payments.
  
• Eligible properties are one-to-four unit structures, and each state has a purchase price limit ($346,250 in Arizona) for FHA loans.
  
• If a buyer finds a fixer-upper, the FHA 203(k) program can help the person purchase or refinance the property, with the cost of repairs and improvements included in the loan.
• FHA home mortgages aren't just for first-time homebuyers. FHA refinance loans can help people get out of toxic debt situations caused by subprime mortgages with high interest rates.

As stated above, FHA home mortgages aren’t just for first-time home buyers. FHA refinance loans can help people get out of debt situations caused by the sub-prime market with interest rates that have spiraled out of control. Are you facing default or foreclosure on a conventional loan? FHA home mortgage refinancing is a godsend for those who want to keep their homes and prevent damage to their credit ratings. There are several ways to get into an FHA home loan for refinancing. The advantages include a low fixed rate mortgage guaranteed by the FHA, predictable FHA mortgage payments and lower interest rates for those who qualify.

FHA mortgage loans should take up no more than 29% of your monthly income, and your loan officer will ask for verification of your income to make the calculation. While some people are able to get conventional loans using “stated income”, requirements for FHA mortgage products such as FHA refinancing loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer.

FHA home loans have requirements for income, debt-to-income ratios, maximum loan amounts and other details; each type of FHA loan is unique and must be applied for individually. Ask your lender for assistance in learning which FHA mortgage is right for you. If you aren’t satisfied with your current lender, consider getting applying for an FHA home mortgage at a new bank. Even if you have an existing home loan, you can explore your options with FHA refinancing someplace else. 

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

If you haven't owned a home in 3 years — or never at all — this can guarantee you $8,000 off your taxes.

Here are the highlights of this historic move:

Limited Time Offer With Few Limitations
You must close on a new home no later than November 30, 2009, and make $150,000 or less if filing as a couple ($75,000 or less if filing single). Income over these limits may qualify for partial credit. The credit has to be repaid over time if you sell the home within 3 years of closing. Other than that, qualify for a loan and the full $8,000 credit is yours.

$8,000 Guaranteed No Matter What You Owe
A tax credit directly reduces the taxes you owe for the entire year, including what you’ve paid in. Under the new law you're guaranteed $8,000 off your taxes. If, for example, you’ve paid $6,000 and owe nothing else, you’d get an $8,000 tax refund. If you owe more, you're still guaranteed $8,000 credited against that.

You Could Claim The Credit For 2008
The tax credit applies in the year it's claimed. Close on a new home before you file your 2008 taxes, and you can claim it on your 2008 return. Already filed your 2008 tax return, you can file an amendment or wait to claim the credit on your 2009 return.

If you'd like to learn more about this program, please call me!