The home buyer tax credit may be gone but assistance is still out there. Potential first time Phoenix AZ home buyers have options to explore when considering jumping into Arizona real estate. One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that can be necessary for a down payment. Luckily there are options for help.

The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.

The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well.

If Phoenix Arizona home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you have mastered one of your biggest hurdles. Contact a Phoenix AZ real estate professional, such as Tony Marriott, today to learn more about purchasing real estate in Arizona.  Tony Marriott can be contacted at 888-577-6585 or by email.

Click here to visit the HUD website.
Click here to learn more about FHA.

When it comes to Phoenix AZ real estate price matters. Most real estate professionals, such as Tony Marriott, will aim to price your home at fair market value at the onset and some sellers are on board, others are not. It has been a rough realization for many to acknowledge that it is a buyers market out there. It has been an unknown in recent months as to whether home values will continue to drop, stabilize or improve and every market is different. Regardless of what is going on, if your home isn’t selling then you may want to reduce its price.

Whether your home is seeing a lot of potential Phoenix AZ home buyers or very few, if you haven’t had an offer there could be a few factors. What is your home lacking? Can you fix what your home is lacking? Chances are that if your home is on the market for sale, you are ready to sell it and you are not going to make any large changes to it. The one change you can make is lowering the price. Money matters, more today than ever. If someone sees a home for sale at what they see as a bargain price then they are much more likely to make an offer.

Can you afford to hold on to your home until prices start appreciating again? If so keep your price where it is. If you need to sell then lowering the price could be the key to selling it now.  To talk pricing matters, contact Tony Marriott, a Phoenix AZ Realtor, for more information at 888-577-6585 or email.

Click here to read an article from House Logic on reasons to lower the price of your home.

If you are self-employed and are considering purchasing a Phoenix AZ home it is important to be aware of the changes that have occurred in order to obtain a loan. As everyone is well aware, getting a loan is not nearly as easy as it used to be. Those who are self-employed are having a more difficult time borrowing money and must provide documentation that shows their income. The IRS is being contacted for verification by many lenders and any fraudulent income claims are being dealt with.

In a nutshell, if you are self-employed and applying for a mortgage loan, be prepared.

• Line up all of your documents showing your income before going to apply for a loan.
• Check your credit and do what you can to improve your credit score.
• Pay your bills on time.
• Most importantly, tell the truth, misrepresentation can cost you.

Many lenders, Chase being one, are hiring more loan officers, convinced that the low rates are going to bring many more new loans and refinance loans in the next 18 months or so. Mortgage rates have been decreasing since April, closely tied to the unsteady economy, where wary investors are putting their money in safe investments like Treasury Bonds. As these yields go down interest rate goes down as well.

In other words, the unsteady global economy equal good news for home buyers acquiring a mortgage and home owners who are refinancing their home loans. If you are self-employed and can provide decent and accurate documentation there is no reason you shouldn’t be able to secure a Phoenix home loan.  Tony Marriott, a Phoenix AZ Realtor, can give you more information regarding the Phoenix AZ home loan process.  For more tips or to view Phoenix AZ real estate, contact Tony Marriott at 888-577-6585 or by email.

An extension for the tax credit appears close to passing after being approved by the House of Representatives on Tuesday, June 29th. The tax credit is for those who put homes under contract on or before April 30th. The original deadline for closing is today, June 30th. The extension is currently up for approval by the Senate, who will hopefully act fast.

An extension of the tax credit will allow more time to close for those who are currently under contract to purchase a home. This is especially helpful for new homes which may not have met completion by the June 30 deadline. The extension is also helpful for those who are having a difficult time securing a loan, a process that has become much more difficult since the impact of the recession that has crippled so many parts of the United States.

Approval of the tax credit extension displays the government’s willingness to help those who want to close on a new home but need a bit more time to do so. The extension will not, however, help prospective home buyers who have put a home under contract after April 30.

Speak with Tony Marriott, a Phoenix AZ real estate agent, for more information on how this possible tax extension could affect you.  The Tony Marriott Team can be reached at 602-445-6299 or by email.

Click here to read a recent article from CNN Money regarding the tax credit expansion.

The recession has had a few benefits for those looking for the next best deal, one of which is the short sale. Short sales are when home owners owe more than their homes are worth and sell them for less than is owed. For the seller a short sale is a way to avoid foreclosure. For a buyer a short sale can be a great investment opportunity. The downside of a short sale is that the procedure can be lengthy and frustrating at times. A short sale is dependent on the lender’s approval and the lender’s involvement typically slows the entire process down.

Here are a few basics that can help you through this interesting real estate procedure:

• Know what the home is worth. A Phoenix Realtor, like Tony Marriott, can do a comparative market analysis (CMA) and let you know what the home is worth. While you will probably pay less than the home’s value, submitting an offer that is too low will most likely be rejected by the bank.
• Find a Phoenix AZ real estate professional that has experience with short sales. A certified distressed property expert (CDPE) for example, is a real estate professional that has undergone specific training related to the sale of distressed properties.
• Be prepared. Just like buying regular Phoenix real estate, have your money ready. If you will be getting a loan, do your mortgage homework before you enter the short sale process.

Above all, patience is a necessity when completing a Phoenix AZ short sale. The process can be a long one and waiting it out, while tiring, is unavoidable if you want the purchase to succeed.  If you want more information on the short sale procedure, please contact the Tony Marriott team, a Phoenix Realtor, at 888-577-6585 or by email.

Click here to read an article about short sales from NPR.

Headlines touted the infamous line once again Friday that mortgage rates are at historic lows, inciting the burning question, “Is now the right time to upgrade my Phoenix AZ home to a bigger, better one?” Affordability is at an all-time high at many places throughout the country and if one has the ability to acquire and secure a mortgage, the cost of buying a home is better than it has been in years. That being said, wanting to move up and being able to move up are two different things, and it is a great time to take a hard, honest look at what makes sense for your particular situation.

• Finances. If your current mortgage is a stretch financially then you should hardly consider taking on more. If you have a solid steady income and can afford more, it is a great time to start looking for a Phoenix housing upgrade. Affordability is seen as housing costs taking up 30% of a household’s monthly income, if a new mortgage will keep you there a new home makes sense.
• Current home. Do you need to sell your current Phoenix home to buy a new one? If you can hold on to your current home and rent it until the market is fully recovered, your investment can be sold at a bigger profit. This is especially wise if your current home can be rented for more than the mortgage payment every month.

It is not a wise idea to upgrade to a new home if it does not make financial sense for your future. If it does make financial sense there could never be a better time to jump into a new home. It is a great time to discuss a possible move with a financial advisor or a qualified Arizona real estate professional, such as Tony Marriott.  For more Phoenix AZ real estate advice or to view available Phoenix properties for sale, contact the Tony Marriott Team at 888-577-6585 or by email.

Click here to read a recent article from Realty Times regarding upgrading to a new home.

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The upheaval of the global financial market has produced one positive side effect: historically low mortgage interest rates. For the past year or so we have been hearing about historically low interest rates, repeatedly being told that the rates are the lowest that they have been in 30 years, since the tracking of interest rates began. This week the headlines have been blaring the same news again, with interest rates even lower than they were the last time that they were at 30 year lows just a few months ago.

Currently a 30 year fixed rate mortgage can be locked in for a 4.87% interest rate. Even jumbo loans have fallen, with an interest rate of 4.5%. While there is much hype about the tightening of the financial market and the hoops a borrower has to jump through to secure a loan, there couldn’t be a better time to refinance or purchase a new Phoenix AZ home.

It’s a great time to either own a home or buy a home. Low interest rates can shave a great deal of money off of the cost of a home over the lifetime of a loan. If you have good credit, a steady source of income and have been thinking about purchasing Phoenix real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so.

Tony Marriott, a Phoenix AZ real estate agent, can help you with your Phoenix AZ property today.  To find out more about Phoenix homes for sale, contact the Tony Marriott team at 602-445-6299 or by email.

Looking for a new Phoenix AZ home is not like shopping for a new pair of shoes, it is one of the most important purchases that a person will make in his life and should be approached with an examining eye.  While it is true that it is easy to see a home and fall in love with it on your own, the benefits of using a Realtor are many and can save a person much unwarranted pain in the long run.

There are a things to realize and remember as a both a first time Phoenix home buyer and a veteran home buyer.  A Phoenix Realtor, like Tony Marriott, will not only help you negotiate a price for a home but will also help you along every step of the process which will include an inspection, financing and the title process among other things.

While a buyer may have his or her heart set on a property a good Realtor will make sure that the buyer is seeing everything and knows exactly what he is buying so that there are no surprises come closing day.

Click here to read an article from Realty Times on the top ten home buying mistakes that people make.

Tony Marriott, a Phoenix AZ Realtor, would love to help you find Phoenix real estate.  Tony Marriott can be reached at 602-445-6299 or by email to answer any Phoenix home questions.

There has been a lot of talk throughout the past year regarding tax credits. Despite the expiration of the home buyer tax credit, there are still many tax benefits for nationwide and Phoenix AZ home owners.  Of course there is no doubt that home ownership has its benefits, but aside from the fact that interest paid for a mortgage is a write-off for federal tax purposes, there are other tax incentives that come along with owning a home.  Chiefly, one that lies hand-in-hand with Phoenix home improvements.

Making energy efficient or green improvements to a home can help Phoenix  homeowners at tax time.  Reducing a home’s carbon footprint can also reduce a home’s annual expenses.  The addition of solar energy, or simply replacing appliances with more energy efficient versions, can cost a homeowner an initial start up cost, yet save a homeowner money over time.  Tax credits have been created to help encourage these green improvements.

Click here to learn more about tax credits for energy efficient improvements.

Tony Marriott, a long time Phoenix AZ real estate agent, is at hand to help answer questions about Phoenix AZ homes for sale.  Tony Marriott can be contacted at 602-445-6299 or by email today.