First time home buyers in Phoenix have some more financial flexibility with the new housing bill.  They are still working on keeping the seller credits but we'll see how that comes out.

Under the new housing bill which just passed last week first time home buyers defined as buyers who have not owned a home in the last three years are eligible for a tax credit up to $7,500 or no more then 10% of the property price.

This is what it looks like:

• The credit of is up to $7,500.  If you're married and filing separately then $3,750 a piece and the same if unmarried and buying together.
• This is not a grant.  Its really a loan in disguise.  Its meant to be repaid over a 15 year period at 0% interest.  You can't beat 0%.  This starting the second year of ownership.  There is grant money for certain first time home buyers as well but that is separate from this bill.
• The tax credit applies to homes purchased on or after April 9, 2008, and before July 1, 2009.  The time is limited.
• If you have high income you won't qualify: Single filers with adjusted income of more than $75,000 and $150,000 for joint filers qualify. Its graduated after that but completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

This along with the very affordable prices in many parts of Phoenix presents a perfect opportunity for buyers to make that purchase.  Everyone is counting on the first time home buyers, so you hold the key to the U.S. Economy.  

There are newer homes in areas like Surprise, Peoria, Queen Creek at less then $78.00 per square foot and these are nice homes many with granite counter-tops and other upgrades.

If you have more question about the possibility of buying a home please call Joanna at 602.358.1392 and she can give you several numbers to lenders as well.