Homebuyer Tax Credit FAQ's
Question: Existing homeowner credit: Must the new house cost more than the old house?Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more

Homebuyer Tax Credit extended to May 2010
Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000. The House voted 403-12 Thursday to expand the tax credit for homebuyers. The bill, which also extends unemployment benefits and expands a tax break for money-losing businesses, finally goes to President Barack Obama, who plans to sign it Friday.First-time homebuyers have been

Response from Senator John McCain regarding homebuyer tax credit
October 18, 2009 Ms. Evette CecenaTempe, AZ 85282-4721 Dear Ms. Cecena: Thank you for contacting me about the real estate market. I appreciate knowing your views on this important issue.There is a justifiable feeling of concern across America today regarding the ongoing situation with the housing market. Millions of Americans are desperate for assistance as they bear the heavy burden of trying

EXTENSION OF THE HOMEBUYER TAX CREDIT
The following is from Senator Kyl's office. According to Senator's Kyl's legislative counsel, the following is being circulated by lobbyists regarding the homebuyer tax credit: Homebuyer credit extension and expansion to pass the Senate. The Senate is lining up to pass a $16.7 b. six-month extension of the first-time homebuyer credit with an expansion to include all homebuyers and a doubling of

Will you be responsible for the shortage if your home is foreclosed on?
Arizona is a non-recourse mortgage state. Borrowers are not held personally liable for more than the value of the home when a loan is not repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds if the foreclosure sale does not satisfy the loan. The lender must accept the loss. The anti-deficiency statutes provide that