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My fiance and I are in contract to buy a mint conditioned Levittown short sale house for 275,000. We make about 110,000 together. Our salaries go up quickly though, since we're teachers. Don't worry, some of us are realistic about what we can afford/not afford
Right.
the houses we offered on were listed at 269k and 289k. not perfect houses, but perfectly livable and easy to imagine being a lot nicer with some effort.
though these didn't work out, i'm sure something similar will.
we aren't thinking of anything exorbitant (for us) like a $400k house.
Probably not even $300k, unless maybe the taxes were very low.
I bought my house in 10/2008 can I get anything back?
You still qualify for the $7,500 tax credit enacted earlier
- if you qualify under the first time homebuyer guidelines
- if you fall within the income guidelines
Needs to be repaid at a rate of $500/yr for 15 years... (part of your tax return)
Whoever does your taxes should be informed of your purchase (not all tax preparers ask enough questions
Last edited by Elke Mariotti; 02-17-2009 at 12:49 PM..
Reason: typo...
Please remember, this is a tax credit, which will benefit you on next year's tax return (of course you COULD adjust your exemptions accordingly and spread it over this year's withholdings).
The income limits are very low for anyone buying a home on Long Island as a first-time buyer with no previous home to sell and use for part of the downpayment. What can you afford if you are single and make under $75K? A studio apartment? What can you afford if you are married and make under $150K? Not much around here. Most LI'ers buying their first home will be shut out of this tax credit anyway.
i have to beg to differ.. 75k and u can afford a 250-300k house, and 150k you could easily afford a 400k house. i guess thats that sense of entitlement that runs rampant on LI, where so many people feel like they're entitled to spend $500k on their first home. sometimes u gotta tighten your belt and swallow your pride.
Location: Concrete jungle where dreams are made of.
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Quote:
Originally Posted by TeamExit
i have to beg to differ.. 75k and u can afford a 250-300k house, and 150k you could easily afford a 400k house. i guess thats that sense of entitlement that runs rampant on LI, where so many people feel like they're entitled to spend $500k on their first home. sometimes u gotta tighten your belt and swallow your pride.
My fiance and I purposely aren't getting the limit of what we can afford. Better to be safe than sorry. With an FHA loan, we were able to afford 320,000. We both agreed we would try not to go above 280,000. We ended up finding a really good deal for 275,000 a couple months ago.
i have to beg to differ.. 75k and u can afford a 250-300k house, and 150k you could easily afford a 400k house. i guess thats that sense of entitlement that runs rampant on LI, where so many people feel like they're entitled to spend $500k on their first home. sometimes u gotta tighten your belt and swallow your pride.
Currently $250K-300K is way below ($100K give or take) the median home price on Long Island. It would be wonderful if that were not the case and there were lots of homes in that price range available, but there are not. Look around a bit and see what reality is, will ya, before you spout off. We are on LONG ISLAND, not Podunk, Middle America or Mecca, North Carolina.
I am not complaining because I think we should all buy homes worth 1/2 million or more nor do I have a "sense of entitlement" ... my only complaint is that in certain areas of the country, like Long Island, the government's cut-off for the tax credit of $75K for a single person and $150K for a married couple is too low due to the high cost of housing.
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