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3 Tips On Purchasing a Home In New York If You Don't Have Enough Money Saved for the Downpayment

•  If you see a house you are interested in find out how much they are asking for the downpayment amount if it is a little too pricey for what you are looking for in a downpayment amount but you are able to handle the monthly payments it would cost for the mortgage of the house try to negotiate with the seller to find out if they would be flexible with the downpayment amount and lower it slightly;
  
• If you get a lump sum of money back for taxes and are expecting your refund to arrive soon you may want to consider using the money you get back from taxes for a downpayment on a home;
  
• If you do not have enough for a downpayment on a house and are looking to purchase a home in New York City (Staten Island, Brooklyn, Manhattan, Queens and the Bronx) you may be eligible for assistance with your downpayment amount with the HomeFirst Downpayment Assistance Program.
  

The Homebuyer Tax Credit: Do You Know When You Have to Be In Contract By?

Housing Tax Credit Extension Approved | It is Time to Take Advantage of the Housing Credit

Senate Considering Housing Credit Extension

This week Senate leaders have been more open about the talks of extending the housing credit that is available to first time homebuyers.  While Senators have yet to come to a decision as to what type of extension will be put in place they are highly considering some type of extension. 

Senator Majority Leader Harry Reid and Senate Finance Committee Chairman Max Baucus are proposing that the housing tax credit be extended throughout 2010 but decrease in amount quarterly.  The credit would continue at $8,000 until the end of the first quarter and if successful would continue into the second quarter but will only be for a tax credit of $6,000 and so on and so forth until the end of 2010 at which time the last quarter would consist of a $2,000 tax credit for first time homebuyers and then would end at the end of 2010. 

Another idea that is being proposed by Senator Banking Committee Chairman Christopher Dodd and Senator Johnny Isakson which is that the first time home buyer tax credit should be extended until June of 2010 but will be able to used by all first time home buyer couples who make less than $300,000 a year. 

While the Senate has not decided on the exact terms of the extension yet House Speaker Nancy Pelosi said "generally we do support it" when asked about the tax credit extension but she also said that it is still too premature to determine if and under what conditions the first time homebuyers tax credit will be extended until the Senate reviews the situation and comes up with a proposal. 

The consideration to extend the housing tax credit comes after mortgage brokers, real estate agents and home builders have been putting pressure on lawmakers to extend the first time homebuyer tax credit which they believe will cause the housing market to slump if taken away prematurely. 

State Grant for First Time Home Buyers Purchasing a Home in New Jersey

Many young adults and older adults alike will be purchasing a home for the first time this year.  There are many advantages to becoming a first time home buyer such as the $8,000 federal tax credit that is being offered if you close before November 30 of this year. 

Many of the first time home buyers looking to purchase a home and take advantage of the tax credit do not have enough money to put a down payment to wards a house.  This is one of the main reasons that stops many prospective first time home buyers from proceeding with their home purchase. 

If you are a first time home buyer planning on purchasing a home in New Jersey you many be eligible to take advantage of the New Jersey First Time Home Buyers Grant.  This grant is free money to you that is offered by the state.  There are no penalties for taking advantage of this grant. 

One of New Jersey's most popular grant for first time home buyers is the Individual Development Account which gives you $4 for every dollar that you save up toward the purchase of your home.  If you are considering purchasing a house in New Jersey that requires a down payment of $20,000 you will only need to save up $4000 the rest of the money would come from the grant money that has been added to your Individual Development Account. 

Aside from state based grant programs in New Jersey there are also grant programs based on the location in New Jersey that you are considering purchasing your home.  Below is a list of some local grant programs in New Jersey that may be helpful to you:

• East Orange Home buyers Purchase Program (HPP) (973) 266-5416
  
• Hudson County First Time Homebuyers Program (FTHP) (201) 875-5581
  
• Jersey City, First Time Homebuyer Program (201) 547-4793
• Monmouth County First Time Homebuyers Program (FTHP) (732) 431-7490
  
• Ocean County First Time Homebuyer Program (FTHP) (732) 929-2054
  

Staten Island & Brooklyn New York Real Estate Lawyer | Staten Island Real Estate News | Builders Request for Congress to Extend First Time Homebuyer Credit Through the End of December 2010

Tax credit: you may be able to take advantage of it now