My New Blog

$7500 Tax Credit Available for First Time Homebuyers

Who is eligible?

"First-Time" home buyers purchasing a principal residence - you are eligible if you have not owned a property in the past 3 years.  You must live in the new property for more than 50% of the time.

Time Frame

The property must be purchased between April 9, 2008 & July 1, 2009.  There is still plenty of time left!

Purchase price

The purchase price must be $75,000 or more.  (However there is credit available for homes with a lower purchase price.) 

Income Limits

$75,000 for those who file as individuals & $150,000 for those filing jointly.

Tax Return Credit

You can claim $500 credit on your tax return each year

Repayment

This tax credit must be repaid over a 15 year period. 

If you need more details or have questions, please contact Amy.

Foreclosure prevention resources available
to New Yorkers

The Subprime Lending Reform Bill was signed into law by Gov. David Paterson. This measure revamps the state’s foreclosure laws and implements a series of reforms to prevent a similar crisis in the future. 

Here are some highlights of this law:

1. Lenders must give homeowners at least 90 days warning prior to initiating foreclosure proceedings, and provide homeowners with a list of local, state-approved housing counselors.
2. Lenders must make a “reasonable and good-faith” effort to determine whether an applicant can repay a loan, and must meet with borrowers that have defaulted and face foreclosure. 
3. There are new consumer protections to require loan brokers to act in the borrower’s interest and present loans that are best suited to the borrower’s financial situation are also included as part of the package. 

For a detailed overview of the Subprime Lending Reform Bill, click here. For more information, contact Amy.