Tagged: tax credit

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

Purchasing a home may seem like it is an impossible task for some people, especially for those who have never owned a home before.  Sometimes it can be challenging to find the perfect home but even more of a challenge to some may be saving up money for a downpayment on a house.

Downpayments for homes in New York is generally 10% of the purchase but can be higher or lower depending on the seller of the home.  You may find yourself in a dilema because you want to purchase a home and want to take advantage of the homebuyer tax credit, low interest rates and low housing prices but do not have enough money saved up right now for the downpayment amount.

Here are some tips that may help you get the money for the downpayment amount you need so that you can purchase a home and take advantage of the first time homebuyers tax credit of up to $8,000 before the time is up on April 30, 2010 (must be in contract by this date):

  •  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?

The Home Buyer Tax Credit, which was extended late last year, is running out of time for you to use it if you plan on purchasing a home.

The Home Buyer Tax Credit is available to first time home buyers and current homeowners alike the only difference is that the first time home buyers will receive a larger tax credit than those who are currently homeowners or have owned a home within the last three years.

If you are considering buying a house in New York or New Jersey now may be the time for you to purchase a home because of the home buyer tax credit that you can receive if you are in contract by April 30, 2010.  If you would like to discuss with one of our real estate attorney’s whether now is a good time for you to take advantage of purchasing a home while receiving up to $8,000 (or $6,500 if you have owned a home within the last 3 years).

To speak with a Staten Island real estate lawyer from our law firm call 800.976.4904 or email us and we will respond back to you.

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

It is finally official after months of protesting to the lawmakers real estate agents, builders and banks finally voiced their concern for the housing market loud enough that their concerns were taken into consideration and were granted the tax credit extension they were looking for.  The First Time Homebuyers tax credit will now be extended until mid 2010 (military members who are deployed will have a longer period of time to take advantage of the tax credit) and will not also include additional housing tax credits for current homeowners looking to sell their house and purchase a new house.

The decision to extend the tax credit to existing homeowners purchasing homes was decided becuase 60% of buyers currently own a home or have owned a home within the past 3 years whereas only 40% are first time home buyers.  Congress figures that by extending this credit to current homeowners it will boost home sales even more, by an estimated 10%, over the next few months.

If you are interested in taking advantage of the housing credit you will want to start your search for a home sometime within the next few months because you want to allow yourself enough time to find a house that you like and can see yourself living in for the next few years.  You will also want to allow enough time to get approved for a mortgage, if you plan on obtaining one, and to make sure the title is clear of all violations.

Finding the best Staten Island or Brooklyn real estate lawyer is key to making sure that your real estate transaction goes smooth and is done properly.  To contact Staten Island real estate attorney Steven T. Decker regarding your Staten Island, Queens, Brooklyn, Bronx, Manhattan or northern or central New Jersey property purchase you can either call 800.976.4904 or 718.979.4300 or you can fill out our form on the web and someone will get back to you about your purchase.

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

SIREN (Staten Island Real Estate News) is reporting that the National Association of Home Builders (NAHB) has decided to ask Congress to extend the $8,000 first time homebuyer tax credit for an additional year.

Joe Robinson, the Chairman of NAHB, says that if congress approves the credit extension it would result in more home sales and create more jobs for builders.

The request to extend the first time homebuyer credit through 2010is so that the recent spark in the real estate market will not die out before it fully gets started.   We need to do everything we can to make sure the real estate market does not stop improving.

The NAHB has launched a campaign to focus congressional attention on their request to have the tax credit extended.  Builders who are members of the NAHB and would like to get involved in this campaign can go to www.nahb.org/revivehousingnow.

If you are a first time homebuyer looking to buy a home in Staten Island or Brooklyn New York contact an experienced Staten Island real estate lawyer.  Contact Steven T. Decker to discuss the purchase of your new Staten Island home at 718.979.4300.

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

You may have recently heard of the tax credit that is available to first time home buyers but something you may not have heard of is that you do not have to wait until 2010 to reap the benefit of it.

If you are looking to purchase a home and take advantage of the $8,000 tax credit that is available for first time home buyers you may be interested in knowing that you can receive the $8,000 tax credit this year.  You do not have to wait to file your 2009 tax returns to claim this credit.  In fact, you may be eligible to re-file your 2008 tax returns and receive the $8,000 credit some time this year (check with your accountant for more details).

In order to be eligible to receive this credit you must be a first time home buyer, purchase a home before December 31, 2009 and remain in possession of the house for at lease three years (or else you may owe the money back).

If you are a first time home buyer looking to purchase a home contact Steven Decker, Staten Island real estate lawyer, to discuss your purchase and get you started on your way to owning your first home.

Steven Decker helps new buyers close on the home everyday.  For more information contact Steven Decker at 718-979-4300 or sdecker@deckerlawsi.com.