There are only 8 more days to take advantage of the mortgage tax credit. This credit, which is $8,000 for a first time buyer (someone who hasn’t owned a home in the last 36 months) and $6500 for people who are purchasing a primary residence, is set to expire on April 30th. First time buyers and buyers who are purchasing a primary residence after living in their current primary residence for 5 years, will need to have a fully accepted contract by April 30th and must close on the transaction by June 30th. The type of loan whether FHA or Conventional, does not affect the qualification for this. The only exception to this is active duty military who are currently overseas. They get an additional 12mths to complete their transaction. This program was extended once but most experts agree that it will not be extended again.
In my opinion, while everyone who qualified will and should take advantage of this, I don’t feel that it was the sole reason why people are buying homes. Yes it helped but I believe that as long as rates stay low and home prices stabilize, we will continue to see strong activity in the Arizona market.
