by Brandon Hunt on February 5, 2013
The Home in Five Advantage Program in Maricopa County is a limited time opportunity to get down payment assistance on your next home, up to 6%! Financing for these loans is available on new or existing homes, condominiums, townhouses or manufactured homes on a first-come, first-served basis, only through the Participating Lenders, such as the Tobias Team at Nova Home Loans.
Read on to find out if you’re eligible, or more details about this program.
Down Payment Assistance (up to 6%)
- All homebuyers qualifying for down payment assistance will receive 5% of the original loan amount to be used for down payment and closing cost assistance.
- Qualified United States Military Personnel will receive 6% of the original loan amount.
- This assistance is a grant and does not require repayment.
Homebuyer Eligibility
- Standard loan guidelines exist for qualification (i.e., adequate income, acceptable credit, and down payment requirement).
- All buyers must attend a homebuyer education course and obtain a certificate of completion, and receive a home inspection.
Program Eligibility
- Homebuyers may purchase a home anywhere in Maricopa County, including in the City of Phoenix.
- Buyers must occupy the home as their principal residence within 60 days of closing.
- The program may only be used to purchase a home (i.e., no refinancing).
Income Limits for Eligible Borrowers
- Maximum credit qualifying income may not exceed $90,000.
- There is no income limit for qualified United States military personnel.
Purchase Price Limit
There are no purchase price limits in this program.
Special Incentives for Qualified United States Military Personnel
- There is no income limit for qualified United States military personnel.
- Down payment/closing cost assistance of an additional 1% for a total of 6%.
- This assistance is a grant and does not require repayment.
- “Qualified United States Military Personnel” include Qualified Veterans, active duty United States military, active United States Reservists, and active members of the National Guard.
- A “Qualified Veteran” is a person who served in the active military, naval, or air service, and who was discharged or released there from under conditions other than dishonorable (as provided in 38 U.S.C. Section 101.
by Brandon on January 29, 2013
Community Property
- Married? Requires a valid marriage between two persons
- Ownership: Each spouse holds an undivided one-half interest in the estate
- Partitioning: One spouse cannot partition the property by selling his or her interest
- Convey or Encumber: Requires the signatures of both spouses to convey or encumber
- Death: Each spouse can devise (will) one-half of the community property; and upon death, the estate of the descendent must be “cleared” through probate, affidavit, or adjudication
- Taxes: Both halves of the community property are entitled to a “stepped up” tax basis as of the date of death
Community Property with Right of Survivorship
- Married? Requires a valid marriage between two persons
- Ownership: Each spouse holds an undivided one-half interest in the estate
- Partitioning: One spouse cannot partition the property by selling his or her interest
- Convey or Encumber: Requires the signatures of both spouses to convey or encumber
- Death: Estate passes to the surviving spouse outside of probate, and no court action is required to clear title upon the first death
- Taxes: Both halves of the property are entitled to a “stepped up” tax
Joint Tenancy with Right of Survivorship
- Married? Parties need not be married; may be more than two joint tenants
- Ownership: Each joint tenant holds an equal and undivided interest in the estate, unity of interest
- Partitioning: One joint tenant can partition the property by selling his or her joint interest
- Convey or Encumber: Requires the signatures of all joint tenants to convey or encumber the whole
- Death: Estate passes to the surviving joint tenants outside of probate, and no court action is needed to “clear” title upon the death of joint tenant(s)
- Taxes: Deceased tenant’s share is entitled to a “stepped up” tax basis as of the date of death
Tenancy in Common
- Married? Parties need not be married; may be more than two tenants in common
- Ownership: Each tenant in common holds an undivided fractional interest in the estate; and can be disproportionate (e.g. 20% and 80%, or 60% and 40%, etc.)
- Partitioning: Each tenant’s share can be conveyed, mortgaged, or devised to a third party
- Convey or Encumber: Requires the signatures of all tenants to convey or encumber the whole
- Death: Upon death the tenant’s proportionate share passes to his or her heirs by will or intestacy; also, upon death the estate of the descendent must be “cleared” through probate, affidavit, or adjudication
- Taxes: Each share has its own tax basis
Other ways to hold title
Title may also be held as Sole and Separate if the married person’s spouse executes a disclaimer deed to avoid the presumption of community property. Parties may also chose to hold title in the name of an entity such as a corporation, LLC, partnership, or trust.
Disclaimer: Each method has significant legal and tax consequences, so speak with an attorney and CPA to get professional advice on what makes sense in your situation. For additional information, check out Title 25 of the Arizona Revised Statutes.
Article courtesy of First American Title Insurance Company.
by Brandon Hunt on January 15, 2013
Latest New Homes in Peoria
There are a number of great neighborhoods and communities springing up in Peoria, AZ. All of the new homes in Peoria and communities are listed below, in alphabetical order. If you are in the market for a home less than 5-years-old in Peoria, click here to see the most up to date inventory.
Special Limited Time Deals in Peoria
AltaVista at Vistancia Homes
Aria at Vistancia Homes
Blackstone at Vistancia Homes
Blackstone Summit Collection Homes
Caletas at Blackstone Homes
Canyons Edge at Sonoran Mountain Ranch Homes
Cibola Vista Homes
Enclave at Rock Springs Homes
Encore at Sunset Ranch Homes
Estates at Blackstone Homes
Horizon at Cabrillo Point Homes
Mountain Gate at Vistancia Homes
Regency at Cibola Vista Homes
Regency at Colina Del Sur Homes
Regency at Melton Ranch Homes
Reserve at Rock Springs Homes
Sonoran Mountain Ranch Homes
Tierra Del Rio Cactus Series Homes
Tierra Del Rio Canyon Series Homes
Vista Montana Homes
New Home Builders Peoria
- TW Lewis: AltaVista at Vistancia, and Blackstone at Vistancia
- Meritage: Aria at Vistancia, and Cibola Vista
- Shea Homes: Caletas at Blackstone, and Vista Montana.
- Taylor Morrison: Blackstone Summit Collection
- Rosewood Homes: Mountain Gate at Vistancia
- K Hovnanian Homes: The Estates at Blackstone, Regency at Cibola Vista, Regency at Melton Ranch, and Regency at Colina Del Sur.
- Courtland Communities: Enclave at Rock Springs, and Reserve at Rock Springs
- Camelot Homes: Canyons Edge at Sonoran Mountain Ranch
- Cresleigh Homes: Sonoran Mountain Ranch
- Pulte Homes: Tierra Del Rio Cactus and Canyon Series
- Woodside Homes: Encore at Sunset Ranch
by Brandon on December 27, 2012
What is FIRPTA
Foreign Investment in Real Property Tax Act
Foreign Buyer Wire Transfers
All funds deposited for escrow must be via wire transfer. International (out-of-USA) transfers are executed through SWIFT (Society for Worldwide Interbank Financial Telecommunication), and there is an additional charge for this type of transfer. Typically this charge is deducted from the wired funds and varies from bank to bank. The charge is usually a flat rate and does not exceed $50, so it is a good idea to wire an additional $50 when wiring from outside the USA.
IRS Withholding
When a foreign owner gets ready to sell, they could be subject to a 10% (of the sales price) withholding unless the transaction is exempt from FIRPTA.
FIRPTA Withholding Exemptions
- Most common: sales price is not more than $300,000, the foreign buyer (or a member of their family) must have plans to reside at the property for at least 50% of the number of days the property is used by any person during each of the first two 12-month periods after the sale.
- Seller to provide a certificate showing they are not a foreign seller
- Seller receives a withholding certificate from the IRS excusing withholding
Applicable Forms
- Application for IRS individual taxpayer identification number: Form W-7
- Application for withholding certificate for Dispositions by Foreign Persons of Real Property Interests: Form 8288-B and Instructions
This article is courtesy of First American Title Insurance Company.
