Congress has extended and expanded the homebuyer tax credit.

President Obama is expected to sign the Expanded Extention of the Homebuyer Tax Credit by November 6th, 2009. Here are a few key components of this program and how it will help you or someone you know that is thinking of purchasing a home in the next 5 months.

1st time buyers: if you have not had an interest in a principal residence for 3 years prior to purchase, you may qualify for an up to $8000 ($4000 married filing seperatly)tax credit.

Current homeowner: if you have lived in the home you are selling for 5 of the last 8 years consecutively, you may qualify for an up to $6500 ($3250 married filing separate)tax credit if you purchase a new property


How long do we have to find a home to buy and qualify???
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

There are some limitations such as income limits and you can not be purchasing a home that is greater then $800k, but we can help you navigate these questions so give us a call 480-393-0434 or shoot us an email today (spectrumgroupaz@gmail.com)

While April 30th is more then 5 months away making it seem like plenty of time to house hunt, we urge you to contact us today to begin your search. With this extension including an expansion, even more buyers will be out there vieing for the same properties you are. Buyers that benefited from the current home buyer credit that did not include the expansion found the home buying process to take anywhere from 5-8 months. With that in mind, let's start shopping today!