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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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First time home buyers...
Any incentives out there for us, like lower taxes or closing costs?
I thought I heard something about that a while ago, but not sure where to look.
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Posted 2/8/07 10:25 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: First time home buyers...
There are programs out there, but I know we are not eligible b/c we make too much $$. 
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| Posted 2/8/07 10:26 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: First time home buyers...
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
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| Posted 2/8/07 10:29 AM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: First time home buyers...
Where are you looking to find the info? TIA!!!!
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| Posted 2/8/07 10:32 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: First time home buyers...
There is some information on the Dept of Housing and Urban Dev website
HUD
There is also information out there now how PMI can be tax deductible if a couple makes less than $100k.
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| Posted 2/8/07 10:42 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: First time home buyers...
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
Anyway Camacho, ...if you and your DH make below that limit...you can get a loan available only to first time home buyers.
Currently DH & I are getting the following for our loan...
97% financing
NO PMI
NO 2 Mortgages
6.1% Interest Rate.
To us...that's a HUGE savings! You can also finance 100% and roll the closing costs into it, but the interest rate is just a little bit higher.
FM if you'd like more info.
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| Posted 2/8/07 10:52 AM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: First time home buyers...
Posted by lorich
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
Anyway Camacho, ...if you and your DH make below that limit...you can get a loan available only to first time home buyers.
Currently DH & I are getting the following for our loan...
97% financing
NO PMI
NO 2 Mortgages
6.1% Interest Rate.
To us...that's a HUGE savings! You can also finance 100% and roll the closing costs into it, but the interest rate is just a little bit higher.
FM if you'd like more info.
Wow, that sounds like a great deal. Thanks for sharing the info. I had heard about offers for those who make under $150K but wasn't sure how good it was.
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| Posted 2/8/07 10:57 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: First time home buyers...
Posted by lorich
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
most of the first time homebuyer programs I saw had income limits under $100K combined - but if you look, you can find them that will ignore the income limit if you are a teacher, etc.
I am financing 90%, no PMI and one mortgage at 5.875% 30 yr. fixed.
programs are out there - banks dont like to advertise them, so ask everyone!
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| Posted 2/8/07 10:58 AM |
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ali120206
2 Boys
Member since 7/06 17789 total posts
Name:
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Re: First time home buyers...
Posted by Meaghan729
most of the first time homebuyer programs I saw had income limits under $100K combined - but if you look, you can find them that will ignore the income limit if you are a teacher, etc.
I am financing 90%, no PMI and one mortgage at 5.875% 30 yr. fixed.
programs are out there - banks dont like to advertise them, so ask everyone!
Me too everything I found was for under $100k! I'm going to have to look a little harder!
I asked DH if they had a FDNY program similar to the one for teachers and he said they didn't.
Message edited 2/8/2007 11:19:46 AM.
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| Posted 2/8/07 11:07 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: First time home buyers...
Posted by lorich
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
Anyway Camacho, ...if you and your DH make below that limit...you can get a loan available only to first time home buyers.
Currently DH & I are getting the following for our loan...
97% financing
NO PMI
NO 2 Mortgages
6.1% Interest Rate.
To us...that's a HUGE savings! You can also finance 100% and roll the closing costs into it, but the interest rate is just a little bit higher.
FM if you'd like more info.
Where are you finding these programs? All the ones I found from HUD, etc the highest income for 2-person family was around $80K.
I even called the suffolk county dept of housing and their downpayment assistane program was ridiculous - the max amount for a 2-person family was like $56K.
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| Posted 2/8/07 11:14 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: First time home buyers...
Posted by ali120206
Posted by Meaghan729
most of the first time homebuyer programs I saw had income limits under $100K combined - but if you look, you can find them that will ignore the income limit if you are a teacher, etc.
I am financing 90%, no PMI and one mortgage at 5.875% 30 yr. fixed.
programs are out there - banks dont like to advertise them, so ask everyone!
Me too! I'm going to have to look a little harder!
what if y ou're not a teacher?
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| Posted 2/8/07 11:15 AM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: First time home buyers...
Posted by SweetTooth
Posted by lorich
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
Anyway Camacho, ...if you and your DH make below that limit...you can get a loan available only to first time home buyers.
Currently DH & I are getting the following for our loan...
97% financing
NO PMI
NO 2 Mortgages
6.1% Interest Rate.
To us...that's a HUGE savings! You can also finance 100% and roll the closing costs into it, but the interest rate is just a little bit higher.
FM if you'd like more info.
Where are you finding these programs? All the ones I found from HUD, etc the highest income for 2-person family was around $80K.
I even called the suffolk county dept of housing and their downpayment assistane program was ridiculous - the max amount for a 2-person family was like $56K.
This is what I don't understand...you will only help a couple with a maximum income of $56K with a downpayment but how are they even going to be able to afford a house and taxes on LI with an income like that...even with a DP assistance. It sucks! If you make over 6 figures they disqualify you from almost all assitance programs but hello people that's what you need to make for a first time homebuyer to afford something on LI.
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| Posted 2/8/07 11:23 AM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: First time home buyers...
Posted by SweetTooth
Posted by lorich
Posted by ali120206
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Us too!
Wow...God Bless! You guys make over $140k - $150k?
Anyway Camacho, ...if you and your DH make below that limit...you can get a loan available only to first time home buyers.
Currently DH & I are getting the following for our loan...
97% financing
NO PMI
NO 2 Mortgages
6.1% Interest Rate.
To us...that's a HUGE savings! You can also finance 100% and roll the closing costs into it, but the interest rate is just a little bit higher.
FM if you'd like more info.
Where are you finding these programs? All the ones I found from HUD, etc the highest income for 2-person family was around $80K.
I even called the suffolk county dept of housing and their downpayment assistane program was ridiculous - the max amount for a 2-person family was like $56K.
LIHP - Long Island Housing Partnership.
One simple counseling session was all it took. DH & I combined make approx $120k. Neither of us are teachers either.
They're out there...
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| Posted 2/8/07 11:48 AM |
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astroqueen74
Vibrant Health
Member since 1/07 2822 total posts
Name:
Karina
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Re: First time home buyers...
Very informative. Thank you all.
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| Posted 2/8/07 11:50 AM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: First time home buyers...
Posted by lorich
LIHP - Long Island Housing Partnership.
One simple counseling session was all it took. DH & I combined make approx $120k. Neither of us are teachers either.
They're out there...
Is this what you did?
We also provide Mortgage Counseling. This is a one on one appointment with a counselor to help you get a mortgage, to discuss mortgage products that may help you to buy a home, budget concerns, savings options and more information to educate you on the home-buying process. We also hold classes for the First Home Club. This is a down payment matching program. It consists of 6 classes, twice a month for three months. The counseling program is also available to anyone whose mortgage is in arrears to help catch up on mortgage payments and prevent foreclosure. If you would like to schedule an appointment or sign up for the First Home club please call us at (631) 435-4710.
what kind of info did they give you?
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| Posted 2/8/07 12:00 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: First time home buyers...
Posted by SweetTooth
There are programs out there, but I know we are not eligible b/c we make too much $$.
Same for us. You have to be making under $80K or 70K to be eligible for many of the housing discount programs.
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| Posted 2/8/07 12:03 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: First time home buyers...
Posted by SweetTooth
Posted by lorich
LIHP - Long Island Housing Partnership.
One simple counseling session was all it took. DH & I combined make approx $120k. Neither of us are teachers either.
They're out there...
Is this what you did?
We also provide Mortgage Counseling. This is a one on one appointment with a counselor to help you get a mortgage, to discuss mortgage products that may help you to buy a home, budget concerns, savings options and more information to educate you on the home-buying process. We also hold classes for the First Home Club. This is a down payment matching program. It consists of 6 classes, twice a month for three months. The counseling program is also available to anyone whose mortgage is in arrears to help catch up on mortgage payments and prevent foreclosure. If you would like to schedule an appointment or sign up for the First Home club please call us at (631) 435-4710.
what kind of info did they give you?
We had one on one couseling with Lynn Law at LIHP.
We brought in all info normally required for loans - W2s, paystubs, rent receipts, 401k statements, bank statements, etc.
We discussed our debts & credits and came down to a number we could afford. Based on our salary & credit (just as a bank would do) she recommened a couple of mortgage programs that would work. I believe there were only two that we qualified for. One of them, which she agreed was the best was the one we have - which I stated above.
Lauren...I HIGHLY recommend you make an appt. It's quick and VERY imformative. Not to mention the $$$ it's saving us. The only thing that's a PIA is the hours...it's normal M-F 9-5 hours, but even if you can take a half day from work...it's soooo worth it to go. Honestly...as we looked at different houses, I had Lynn run numbers for us...she's GREAT...I can't say enough good things about her.
Best of luck Lauren.
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| Posted 2/8/07 12:09 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: First time home buyers...
Posted by lorich
Lauren...I HIGHLY recommend you make an appt. It's quick and VERY imformative. Not to mention the $$$ it's saving us. The only thing that's a PIA is the hours...it's normal M-F 9-5 hours, but even if you can take a half day from work...it's soooo worth it to go. Honestly...as we looked at different houses, I had Lynn run numbers for us...she's GREAT...I can't say enough good things about her.
Best of luck Lauren.
Thank you
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| Posted 2/8/07 12:16 PM |
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LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
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Re: First time home buyers...
Also - first time home buyers can get a tax credit (upon selling property) and avoid capital gains tax up to $250k.
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| Posted 2/8/07 1:23 PM |
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Re: First time home buyers...
Posted by LMFitz
Also - first time home buyers can get a tax credit (upon selling property) and avoid capital gains tax up to $250k.
Do you know were I could find more information about this?
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| Posted 2/8/07 1:49 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: First time home buyers...
If combined you make less than 97K there are better interest rates. When you close file for STAR right away.
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| Posted 2/8/07 4:39 PM |
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Jacksmommy
My love muffin!
Member since 1/07 5819 total posts
Name:
Liz
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Re: First time home buyers...
What are the incentives for teachers? i am a teacher and I am currently buying a house and I have asked every bank if they have special rates for teachers and all of them say no!
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| Posted 2/8/07 9:41 PM |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: First time home buyers...
Posted by lorich
We had one on one couseling with Lynn Law at LIHP.
We brought in all info normally required for loans - W2s, paystubs, rent receipts, 401k statements, bank statements, etc.
We discussed our debts & credits and came down to a number we could afford. Based on our salary & credit (just as a bank would do) she recommened a couple of mortgage programs that would work. I believe there were only two that we qualified for. One of them, which she agreed was the best was the one we have - which I stated above.
Lauren...I HIGHLY recommend you make an appt. It's quick and VERY imformative. Not to mention the $$$ it's saving us. The only thing that's a PIA is the hours...it's normal M-F 9-5 hours, but even if you can take a half day from work...it's soooo worth it to go. Honestly...as we looked at different houses, I had Lynn run numbers for us...she's GREAT...I can't say enough good things about her.
Best of luck Lauren.
This is what we're doing (thanks to lorich). We're making an appointment early next month, when we can both take some time off of work.
We just need a jumping off point and to know exactly what our limits are with the selling price. We have an idea but don't really know. I hate not knowing if a house I fall in love with on MLS is even possible.
When we go, I'll post here and give you ladies the details on how it went. 
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| Posted 2/9/07 9:56 AM |
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LadyPrincess
Live Life with No Regrets
Member since 5/05 2298 total posts
Name:
Chris
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Re: First time home buyers...
bump for PattyCakes
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| Posted 8/16/07 2:49 PM |
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