More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years.
Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. 

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is…

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Hopefull voted on soon the Tax Credit for First Time Home Buyers will be extended and expanded.  This is the latest.

- Tax Credit would remain $8,000 for firs-time home buyers and extended from December 1, 2009 to April 30, 2010.

- Allow move-up buyer $6,500 tax credit and would be eligible if they have lived in their home as a primary residence for 5 years or more.

- Tax credit would end April 30, 2010 but would allow any buyer that had a binding contract to qualify for the credit so long as they complete the transaction within 60 days.

- Income limits will be raised for both move-up and first time home buyers to $125,000 single filer and $225,000 joint return.

- Purchase price of the home not to exceed $800,000 to be eligible for the tax credit.

-…

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I recently requested an upgrade to provide, what I think, is a valuable tool for buyers looking for a good deal on a home. 

Sometime late October there will be a dedicated page to search Foreclosure Property in the Albuquerque, Rio Rancho and surrounding area.  This includes Los Lunas, Belen, East Mountains, Placitas, Bernalillo etc.

I felt the general public was not able to accurately get a foreclosure list.  Most of the time if someone had a list it was already 6 months old and all that inventory had been sold. 

Congratulations to anyone who is registered with my site...You will soon have access to all the listed Foreclosure Properties in the area.  As an added benefit I included Pre-Foreclosure also known as Short Sales. 

Short Sales represent a…

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Hello Everyone,

I have recently come across a home that will be sold well below market value and wanted to give you the opportunity to have first dibs on it.  This home is not on the market but will within the next 7 days.

Located on the Eastside of Albuquerque on Maxine St NE Albuquerque, NM 1024 Square Feet 3 Bedroom 1 Bath 1 Car Garage Will be listed somewhere between $95,000-$110,000 if you buy it before listing the price is lower. This home is good condition but does need some work to make it polished.  A new wall furnace may be needed....This home can be moved into but depending on your preference would need paint, flooring (tile, carpet, laminate), light fixtures and just any updating you may want to do.  Currently has no curb…

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According to www.Forbes.com New Mexico is ranked 15th for Best Places to Do Business.  This is very encouraging as the economy worsens in some areas of the county this could mean that New Mexico will withstand the recession and have a lesser impact on our residents.  We should welcome responsible growth and jobs to New Mexico.

Overall rank 2007 rank State Business Costs Rank1 Labor Rank2 Regulatory Environment Rank3 Economic Climate Rank4 Growth Prospects Rank5 Quality of Life Rank6 Population
1 1 Virginia 20 7 1 6 26 6 7,747,500
2 2 Utah 11 10 19 9 12 8 2,665,300
3 5 Washington 28 2 6 7 2 25 6,509,100
4 3 North Carolina 4 14 2 21 11 34 9,162,300
5 15 Georgia 23 6 5 10 6 31 9,652,200
6 8 …

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First Time Homebuyers have the opportunity of a life time!

Tuesday, March 31, 2009

State Offers Assistance To First-Time Homebuyers

Associated Press

SANTA FE — First-time homebuyers can find new financial assistance from the state and federal government.  Gov. Bill Richardson and the New Mexico Mortgage Finance Authority today announced a loan program that will help lower- and middle-income New Mexicans make a down payment in buying their first house. 

The program takes advantage of a tax credit that was created as part of the federal economic stimulus package. First-time homebuyers can get a federal tax credit of 10 percent of the purchase price of a home, up to $8,000. 

The finance authority will provide a no-interest loan up to $6,500 for a down…

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The 2nd Annual Realtors Pararde of Historic Homes will be held March 14th and 15th.  Over two dozen homes will be featured all built before 1940 or 1945.  The homes will be located throughout the Greater Albuquerque Area, from Nob Hill to the South Valley, from Downtown to Corrales.

Home prices on the tour start at $143,000 and range up to $1.9 million for a 210 year-old adobe hacienda.  Call me for more information at 505-350-8184 visit http://www.abqhistorichomes.com.

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Looking for Positve Cash Flow?  Here is a Great Deal on a home in the Albuquerque North Valley Area. Sits on .24 acre which makes this a great lot to expand this home.  Listed at $113,400 it would make a great investment property and when it's time to sell you can add on more square footage and more value. Call me today for more information (505) 350-8184 or email me Info@NMWelcomeHome.com

While searching for property on http://www.nmwelcomehome.com/idx/, Carlos thought you might be interested in the following property MLS #641442.

Click the link below to view the property details http://www.nmwelcomehome.com/idx/residential/641442/details.html

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One of the ways that you can obtain a FREE Evaluation of your home is through a Comparative Market Analysis aka CMA or Market Analysis.  This report is similar to an appraisal in that it compares homes in your market area to your home so that a range of value can be determined.  CMA's are not just for selling your home.  You can use them for refinancing, estate planning, etc...

With the new Home Owner Stability Act, many home owner's are contemplating a refinance to save money on their monthly payment but are unsure how to begin the process.  One of the first things you can do is request a CMA of your home so that you have hard proof of what your home is worth.  Second sit down with a lender armed with this report so that you and the lender have a base…

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Albuquerque - There are hundreds of agents that are eager to list your home in MLS and put a sign in the front yard, but finding an agent who has the experience necessary to handle a short sale is much more difficult.  As a home seller you may be asking 'how do I find a short sale real estate agent'?

The best source is referrals from your friends and family.  Asking lots of questions like 'How many short sale transactions have you done, What is your success rate, How many Short Sale listings do you currently have and How many do you have in process?'  These are all valid questions and a short sale familiar with these transactions should have no trouble answering.

A short sale agent handles negotiations with the bank. If the agent has no experience…

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