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First Time Poster here and looking to buy my first home in the near future and would like all the help I can get (who doesn't). Has anyone used the Suffolk County Downpayment Assistance Program? (Link Below) If so how long did it take to get and was it hard to get?
Also does anyone know of any other type of programs that I can apply for to help with closing costs or downpayment or anything of the sort in Suffolk county. I am a Vet and will be getting a VA Loan so if anyone knows of any other things I can apply for that can help, it would be greatly appreciated.
Also looking for a Realtor to show me an my wife around some of the houses we seem to like so far. Is Tom still one of the better choices for the Deer Park area? I did search the forum and his was one of the names that popped up.
Thanks
Zac
Suffolk County Government - Downpayment Assistance Program (http://www.suffolkcountyny.gov/Home/departments/Housing/communitydevelopment/Downpayment%20Assistance%20Program.aspx - broken link)
First Time Poster here and looking to buy my first home in the near future and would like all the help I can get (who doesn't). Has anyone used the Suffolk County Downpayment Assistance Program? (Link Below) If so how long did it take to get and was it hard to get?
Also does anyone know of any other type of programs that I can apply for to help with closing costs or downpayment or anything of the sort in Suffolk county. I am a Vet and will be getting a VA Loan so if anyone knows of any other things I can apply for that can help, it would be greatly appreciated.
Also looking for a Realtor to show me an my wife around some of the houses we seem to like so far. Is Tom still one of the better choices for the Deer Park area? I did search the forum and his was one of the names that popped up.
Thanks
Zac
Suffolk County Government - Downpayment Assistance Program (http://www.suffolkcountyny.gov/Home/departments/Housing/communitydevelopment/Downpayment%20Assistance%20Program.aspx - broken link)
Zac, most of the "assistance" programs are income driven, and you can't exceed their income guidelines. Don't know what your income is (and wouldn't ask on a public forum )
Right now, there is still the first time homeowner tax credit - you get a 10% (temporary) tax credit, up to a max of $7,500. It expires later this year.
If you're a vet and are getting a VA loan, I guess you know that you qualify for a zero down mortgage? Not that it's necessarily the best way to go, but at least you don't have to worry about the downpayment.
BTW, as a vet you can also apply for the vet exemption, in addition to STAR, so that'll help keep your RE taxes down...
ZacAFSSgt/Tom, in case you are unfamiliar with the local geography:
What people refer to colloquially as "towns" are actually villages and hamlets, which are within actual towns; and, because villages and hamlets are referred to as "towns", then, many times, the error is compounded when actual towns are referred to as "townships".
I understand that there income requirements on most of them but I was just looking for a list of em or if anyone knew of any others besides the Suffolk Downpayment Assistance program or Sony Mae. Also does anyone know how much percentage wise I would be getting off my taxes or a rough estimate? Just wanna use that to try and better calculate my monthly payment.
I understand that there income requirements on most of them but I was just looking for a list of em or if anyone knew of any others besides the Suffolk Downpayment Assistance program or Sony Mae. Also does anyone know how much percentage wise I would be getting off my taxes or a rough estimate? Just wanna use that to try and better calculate my monthly payment.
Thanks again,
Zac
That varies from program to program - too much to list on this Forum. In my opinion, you should sit down with a professional; a mortgage person or a Realtor with solid mortgage experience.
Re your tax question, I'll make it as simple as possible (I know, that's an oxymoron!).
I'm assuming you're referring to the tax deductibility of RE taxes and mortgage interest? That's an itemized deduction on Schedule A of your 1040, which reduces your taxable income; the exact percentage depends on your marginal tax rate (at whatever rate your next dollar will be taxed).
Because of the Alternative Minimum Tax ("AMT"), some of the potential savings could go out the window, as I just discovered when I plugged some "what if" scenarios into my 2008 tax software...
Sorry, no simple answers, as they say: it all depends...
BTW, I made a mistake/typo in my last post: the tax credit is up to 1% of the purchase price, not 10%--sorry about that extra zero...
Son got this grant 2 years ago. Took about 6 months from time he applied till he went to closing. Was a lot of paper work but will worth it he got 14,000.
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Understanding the geography of "Lawn Guyland"
you're referring to the tax deductibility of RE taxes and mortgage interest? That's an itemized deduction on Schedule A of your 1040, which reduces your taxable income; the exact percentage depends on your marginal tax rate (at whatever rate your next dollar will be taxed).
