New York Mortgage Credit Certificate Program (sales, condominiums, loans)

[zulu400]

Check this out....

New York Housing Finance : Mortgage Credit Certificate Program Term Sheet (http://nyhomes.org/index.aspx?page=899 - broken link)

If you are in NY and a first time home buyer and are eligible for this, then you do not have to worry about the $8K first time federal credit expiring anymore.
You will get more $$$ back at the end of say 10 years or so under this new scheme.

Only catch is that I think they will prevent people from double dipping !! i.e. the $8K credit this year plus the Credit Certificate also.... I'm sure they are going to make this effective starting Dec 2 (after the $8k eligibility expires)

It also means that its possible that there might be bigger and bigger incentives offered by the state and federal governments in the future to prop up the house prices....

I can already visualize those powerpoint slides at the first time home buyer seminars that shows how you can save upto $80,000 bucks over the life of the loan if you buy "NOW" !!

[TomMoser]

The rub seems to be that it must be a newly constructed home in a "Targeted Area". I couldn't find a list of where those areas are on Long Island.

[zulu400]

Originally Posted by TomMoser

The rub seems to be that it must be a newly constructed home in a "Targeted Area". I couldn't find a list of where those areas are on Long Island.

Check this out Tom....

Eligible Properties must:

• Be located in New York State;
• Have a sales price that does not exceed SONYMA's Purchase Price limits (click here to see Purchase Price Limits for your area (http://nyhomes.org/index.aspx?page=146 - broken link));
• Not be have been used for any business or commercial purpose;
• Be one of the following property types:
  • Existing or newly constructed one family home (includes condominiums and cooperatives);
  • Existing two, three, and four family home that is at least five years old as of the SONYMA loan application date and has been used only as a residence during the past five years;
  • Two family home located in a Target Area that is newly constructed or was constructed within the five years prior to the SONYMA loan application date; and
  
  
  • Have a maximum of five (5) acres.

[VoyagerMan]

From what I have read you can take advantage of this AND the $8000 credit. Also that you can sign up for the program beginning on September. So the chance of getting both is limited to a 3 month time frame.

[zulu400]

Originally Posted by VoyagerMan

From what I have read you can take advantage of this AND the $8000 credit. Also that you can sign up for the program beginning on September. So the chance of getting both is limited to a 3 month time frame.

Yeah that would be awesome if they do implement this in September though.
I spoke to the SONYMA guy yesterday and he told told me how other homeowners who closed within the past 2-3 months were livid because this scheme is not going to be retroactive.... meaning, if you have closed or going to close before September, you are out of luck.

[brassbin]

there is a household income limit

New York Housing Finance : Region IX: LONG ISLAND

[zulu400]

Originally Posted by brassbin

there is a household income limit

New York Housing Finance : Region IX: LONG ISLAND

I think the limits are almost the same as for SONYMA loans, maybe a little better, but remember that this is only for first time buyers.

If a family with one child have an income of 150k (ineligible for this program).... in most of the cases they might already be home owners.

[Titus Pullo]

Also you can't get the MCC if you have a SONYMA mortgage.

[Luke Zing]

Originally Posted by Titus Pullo

Also you can't get the MCC if you have a SONYMA mortgage.

where do you see that rule?

[VoyagerMan]

I thought mcc will be part of sonyma