Home Buying in Eastchester>Question Details

Evargasdc37, Home Buyer in 10472

what are the perks of a first time home buyer?

Asked by Evargasdc37, 10472 Tue Aug 23, 2011

my husband and i are looking to stay in the city i know the bronx has nice areas with nice homes and being a first time home buyer i know there are some incentives. would like more info.

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The Real Estate market still on the hands of consumers. They are the ones who are actually dictating it as of right now. As a first time home buyer you are expose to different programs of loans that give you opportunity to take advantage of , for instance low interest and low down payment as Chris Burdzy gave statistics below. It is important to mention that these programs vary depending on where they are currently offered, but the main idea is that these loans give financial assistance to qualified borrowers.

Kiamazulu M. Ferreira
Licensed Real Estate Agent at Pantiga Group Inc.
1 vote Thank Flag Link Sun Sep 4, 2011
There are currently no perks (tax credits & etc) at the moment, unless you are a Vet. Vets can still get a $8,000 tax credit but time is running out.
1 vote Thank Flag Link Mon Aug 29, 2011
Kind of a broad question. It's a buyers market right now, so the selection of properties for sale is better than in the past, prices have fallen significantly since the 2006 peak, interest rates are as low as 3.0% on a 15 year fix mortgage (or 3.875% on 30 yr). You can still get a loan with little money down (FHA loans require 3.5% downpayment), plus SONYMA (nyhomes.org) offers up to 3% (or $15,000) downpayment assistantce, which is forgiven if you stay in the house for 10 years. Finally, once you own a property, your mortgage interest is tax deductible (consult your tax advisor!). Best incentive? Being your own landlord. No more paying someone else's mortgage!
Web Reference: http://www.718forsale.com
1 vote Thank Flag Link Wed Aug 24, 2011
1 vote Thank Flag Link Tue Aug 23, 2011
The positives of buying in this market are the very low mortgage interest rates combined with lower housing prices. This has become a very favorable purchase market for those people who have the abilitiy to purchase a home with cash or mortgage.
0 votes Thank Flag Link Sat Oct 8, 2011
Unfortunately there's not much in the way of First Time Buyer programs in the current lending environment. NYC HPD still offers the occasional down payment assistance, but in my experience working with Home Buyers in the Bronx, the process is daunting and not always successful.

SONYMA is a New York State lending program that used to offer substantially lower interest rates than market rates. Those rates today tend to be pretty close to market, although SONYMA does offer some down payment assistance. The problem I've encountered with SONYMA is the low percentage of approvals relative to applications. Your mortgage application is underwritten for approval by a New York State employee, not the Underwriter at your Lender.

The best news for Home Buyers is that this is a Buyer's market. YOU set the price you wish to pay for a home. If a Home Seller can't see eye to eye with your price offering, then move on. You'll find the right house at the price you're willing to pay.

0 votes Thank Flag Link Wed Sep 21, 2011
After you speak with Javier about qualifying for a loan call me and I will help you locate your next home.

Joel Rivera
0 votes Thank Flag Link Sun Aug 28, 2011
As Joel said, the biggest advantages are the fact that rates remain at their lowest and home pricest are aslo low. In addition to this you have special financing options which allow you to put very little down payment. If you're interested in talking, feel free to call me with any questions, I would be glad to help you.

Javier Meneses
Sterling National Bank
0 votes Thank Flag Link Sun Aug 28, 2011
This is a great moment in time for First Time Home Buyers. You have a combination of extremely low Interest rates and Homes are very Affordable. If you are interested in looking at homes feel free to give me a call and I can set up a day dedicated to you to view homes.

Joel Rivera
0 votes Thank Flag Link Wed Aug 24, 2011
It is definitely a buyers market right now, so it's the best time to act if you are serious about buying a home. As Chris said, mortgage interest rates are very low and home prices have dropped in general which allows for a greater selection of homes to choose from for buyers. I would look into local financing programs and see what incentives they offer as far as downpayment assistance and interest rates so that you get the best deal possible. Find a Realtor in the area that you trust and make sure you do your own research before jumping into it. There are deals everywhere, you just have to keep your eyes open! Good luck.
0 votes Thank Flag Link Wed Aug 24, 2011
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