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The problem I see is the deadline was for Dec 26, 2008. Does this program exist every year? I hope so since my wife and I are looking to buy a Levit house and can use the $15,000!
Also, how long does it take to get approved? We are hoping to find and close in the next 2-3 months....
thanks all - I love this site and am a Li'er born and bred!
Mark
Last edited by Mjeacoma; 02-03-2009 at 03:36 PM..
Reason: Fixed link
The problem I see is the deadline was for Dec 26, 2008. Does this program exist every year? I hope so since my wife and I are looking to buy a Levit house and can use the $15,000!
Also, how long does it take to get approved? We are hoping to find and close in the next 2-3 months....
Mark
Call the County and find out if they plan to continue the program. Nassau is cutting services and is asking its employees to take a pay-cut, so this may not be around anymore.
Have you talked to a mortgage banker yet? Before you go out looking at houses, it would be a good idea to find out what your mortgage/price limit is. Besides, many sellers now require a pre-approval when you submit an offer.
Oh, and don't forget the $7,500 tax credit! It expires on July 1st of this year, so now is the time to go house hunting if you want to take advantage of that.
BTW, a tax credit is a dollar for dollar reduction of taxes you owe the IRS; i.e. if your tax liability for the year was $8,100, after the tax credit, your tax liability is reduced to $600. If your tax liability is less than $7,500 you still get the difference in the form of a check (included in your tax return).
But you must close by July 1st. (The tax credit must be paid back in $500 increments over a 15 year period)
Hey, I'm using a similar program to purchase a house in Mineola. The program I used is called "HELP Long Island" and it is administered by the Long Island Housing Partnership.
Homeownership and Economic Stabilization for Long Island Program (HELP Long Island) - LIHP (http://lihp.org/help.aspx - broken link)
If you work on Long Island, you should see if your employee is interested in participating in this program. There is no sign up or recurring cost to them. The only cost is whatever down payment assistance they would offer. The company I work for did not have an employer assistance program, but they had one after they saw this.
Please feel free to PM if you have questions about my experience with this program.
Quote:
Originally Posted by Mjeacoma
I saw the thread about Suffolk County so I thought - Hey there must be one for Nassau! and I found this
The problem I see is the deadline was for Dec 26, 2008. Does this program exist every year? I hope so since my wife and I are looking to buy a Levit house and can use the $15,000!
Also, how long does it take to get approved? We are hoping to find and close in the next 2-3 months....
thanks all - I love this site and am a Li'er born and bred!
Do you know if the new $15,000 credit (which Obama is supposed to sign) will have the same payback requirement?
Quote:
Originally Posted by Elke Mariotti
Call the County and find out if they plan to continue the program. Nassau is cutting services and is asking its employees to take a pay-cut, so this may not be around anymore.
Have you talked to a mortgage banker yet? Before you go out looking at houses, it would be a good idea to find out what your mortgage/price limit is. Besides, many sellers now require a pre-approval when you submit an offer.
Oh, and don't forget the $7,500 tax credit! It expires on July 1st of this year, so now is the time to go house hunting if you want to take advantage of that.
BTW, a tax credit is a dollar for dollar reduction of taxes you owe the IRS; i.e. if your tax liability for the year was $8,100, after the tax credit, your tax liability is reduced to $600. If your tax liability is less than $7,500 you still get the difference in the form of a check (included in your tax return).
But you must close by July 1st. (The tax credit must be paid back in $500 increments over a 15 year period)
Do you know if the new $15,000 credit (which Obama is supposed to sign) will have the same payback requirement?
Until a final version gets passed (and signed), there is no way of knowing what the requirements will be, including income limitations, nor when it will actually go into effect. Often these bills get changed so much, that there's no way of predicting anything. It's one of those "bird in the hand is better than two in the bush" quandaries - $7,500 now or MAYBE $15,000 whenever.
House prices in most of the country are much lower, so the income limitations might leave out many home buyers on L.I.
But as I said, we won't know until it's passed; wish I had a better answer for you...
Hakuna matata Elke. I was just throwing a thought out there, but you're right, better to have bird in hand!
Quote:
Originally Posted by Elke Mariotti
Until a final version gets passed (and signed), there is no way of knowing what the requirements will be, including income limitations, nor when it will actually go into effect. Often these bills get changed so much, that there's no way of predicting anything. It's one of those "bird in the hand is better than two in the bush" quandaries - $7,500 now or MAYBE $15,000 whenever.
House prices in most of the country are much lower, so the income limitations might leave out many home buyers on L.I.
But as I said, we won't know until it's passed; wish I had a better answer for you...
What options does that open for a couple whos combined income is around 70k?
Where not looking for anything that we cant afford. Im thinking a 250k home im seeing more and more a day.
What options does that open for a couple whos combined income is around 70k?
Where not looking for anything that we cant afford. Im thinking a 250k home im seeing more and more a day.
Depends on a lot of things, including how much of a downpayment you have and if you have $$ for closing costs...
If you're not too selective in terms of location, size of home and are handy, there could be homes for you income range. Have to watch those RE taxes though!
BTW, did you ever sit down and make a budget?
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