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Alternative Options to Consider if you are not Eligible for the First Time Homebuyers Tax Credit

So if you are not eligible for the first time home buyers tax credit should you still consider buying a home?  For most people the answer will probably be yes as long as you have the necessary income to make a down payment and to pay your mortgage every month while still having enough money for additional expenses. 

The home buyers tax credit requirements are not able to be filled by everyone looking to purchase a home especially if you have owned a home within the last three years so where does that leave the buyer who is not eligible for the tax credit but still is looking for a break.  Here are some some reasons to buy a home now if you are not eligible for the first time homebuyer tax credit:

• Low interest rates - For some who are considering purchasing a house they may find that their monthly mortgage payments for their house will actually end up being less expensive than renting an apartment.  Mortgage rates have been at record lows over the past year and right now are still low (in the 5% apr range). 
  
• Special provisions for military members - There is a special provision in the first time home buyers tax credit for military and some federal members that was recently added by Congress that allows military member to not have to abide by all of the requirements for the first time homebuyers tax credit.  A military member does not have to live in their new home as their primary residence for the first three years if they receive PCS orders to depart from their unit and get restationed within that period of time.  The will be able to sell the house or rent it out to someone else and will still be eligible for the $8,000 credit. 
• Lower house prices - While home sales are up house prices are still down lower than what they were worth a few years ago.  Sellers are still not able to raise the prices of their homes if they want to sell their house quickly or, in some circumstances, at all. 

If you are interested in purchasing a house in New York you will want to cover all of your grounds before signing a contract.  One of the first steps you will want to take once you have found a home you are interested in is to contact a New York real estate lawyer, such as Steven T. Decker a Staten Island real estate lawyer, and discuss your home purchase with him/her.  Your real estate attorney will go over your contract of sale with you so that you understand its terms and conditions.  To speak with a real estate attorney call 718.979.4300.