Buying a Home

I believe there is but you need to have a very very low income.

I know you get the $8000 tax credit.

And i don't know if everyone can do this or you have to qualify but you only need to put 3.5% down.

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

First Time Home Buyer Tax Credit

The above link explains the $8000

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Posted by RitasEngaged

I believe there is but you need to have a very very low income.

I know you get the $8000 tax credit.

And i don't know if everyone can do this or you have to qualify but you only need to put 3.5% down.

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The down payment of 3.5% applies to FHA loans.

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Posted by seawedding

Good news! It isn't an $8000 credit when you do your taxes anymore, my realtor just told us that it's now $8000 at signing now, it was recently changed so that should help a lot of people!

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Really? $8000 at closing??

I am closing next week and I didnt hear anything about that.

I don't know the details since we are not first time buyers. Our realtor told us over the weekend (I believe he said it was changed a week earlier but I am NOT positive) and he said that it could stimulate the market just a tiny bit because now it's given at closing not as a tax rebate, etc. He was talking about people buying our home though, again, not relative to us so I don't know much about it, we were just saying how great it was.

I'd at least call your real estate agent (assuming you have one) and if they don't know anything about it maybe I can find out more. All I know is that it's recent but it didn't pertain to us so I didn't get that much detail but I did understand that much!

EDA: Congrats on your home!

EDA #2: I found an article here
Part of it says 'Buyers would be free to put the funds toward closing costs and a portion of their down payment.'

I just skimmed the article but that might have been what they were discussing, he seemed to be saying it was approved though.

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Posted by seawedding

Good news! It isn't an $8000 credit when you do your taxes anymore, my realtor just told us that it's now $8000 at signing now, it was recently changed so that should help a lot of people!

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wow... this would REALLY help alot of us if it is real deal... i'll have to speak to someone about that

I really hope I'm not wrong but I know he said buyers could use it twds down payment now yet it looked as if that article said it wasn't concrete yet. Either way it's definitely worth looking into! It would help a lot of people not to have to wait!

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Posted by seawedding

Good news! It isn't an $8000 credit when you do your taxes anymore, my realtor just told us that it's now $8000 at signing now, it was recently changed so that should help a lot of people!

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Hi I just closed on my house 2 weeks ago and no it is not 8,000 at signing its the tax credit you get it next year when you do your taxes just wanted to let you know!

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Posted by seawedding

Good news! It isn't an $8000 credit when you do your taxes anymore, my realtor just told us that it's now $8000 at signing now, it was recently changed so that should help a lot of people!

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Hmm we plan to close on July 10... we didn't hear about this. Definitely have to check into it!

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Posted by geegee827

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

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I was actually speaking to the Town Clerk for Babylon about this a few weeks ago. Unfortunately, I don't qualify for it, but you should look into it... If you buy a house anywhere in the Town of Babylon (Babylon, North Babylon, West Babylon, Deer Park, parts of Farmingdale, and one other area that I'm forgetting, town of babylon encompasses a huge area) anyway, if you buy a house in one of those areas and you make less than $81,000 per year, you can apply for a credit and they will give you $15,000 towards your down payment, that never has to be paid back. They are trying to get young couples to stay on Long Island so they are working with the LI Housing Project to make these funds available. If you have other questions feel free to FM me, I deal with the town of babylon a lot for work.

Also, not sure if FH is a veteran (mine is) if so, there are a few different VA credits out there and better mortgage rates for vet's.

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Posted by geegee827

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

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It is such a great deal. I think they contribute $15k towards your down payment or something.
FH and I are over the limit so we don't qualify which is ridic. The only way around is if I apply before we get married based on 1 salary.

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Posted by FutureMrsM

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Posted by geegee827

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

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I was actually speaking to the Town Clerk for Babylon about this a few weeks ago. Unfortunately, I don't qualify for it, but you should look into it... If you buy a house anywhere in the Town of Babylon (Babylon, North Babylon, West Babylon, Deer Park, parts of Farmingdale, and one other area that I'm forgetting, town of babylon encompasses a huge area) anyway, if you buy a house in one of those areas and you make less than $81,000 per year, you can apply for a credit and they will give you $15,000 towards your down payment, that never has to be paid back. They are trying to get young couples to stay on Long Island so they are working with the LI Housing Project to make these funds available. If you have other questions feel free to FM me, I deal with the town of babylon a lot for work.

Also, not sure if FH is a veteran (mine is) if so, there are a few different VA credits out there and better mortgage rates for vet's.

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THAT might be it!!!!! Cause we are town of Babylon and I'm sooo sorry but I might have gotten confused between that and the $8000!

This topic makes me SO angry. I've ranted and raved about it many times before, so no need to rehash it, but the limits are pretty ludicrous, and it will NOT work to keep young, educated, middle class workers on LI. It simply will NOT work. I'm the first one to admit that I make jack shiz, but combined we can't qualify! And we are not wealthy by any stretch of the word. We're just the downtrodden middle class....not poor enough for anyone to care about us, not wealthy enough to be able to comfortably stay on LI.

Ugh, sometimes I hate that I'm a right leaning conservative, because I could sure use a government handout right about now

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Posted by seawedding

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Posted by FutureMrsM

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Posted by geegee827

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

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I was actually speaking to the Town Clerk for Babylon about this a few weeks ago. Unfortunately, I don't qualify for it, but you should look into it... If you buy a house anywhere in the Town of Babylon (Babylon, North Babylon, West Babylon, Deer Park, parts of Farmingdale, and one other area that I'm forgetting, town of babylon encompasses a huge area) anyway, if you buy a house in one of those areas and you make less than $81,000 per year, you can apply for a credit and they will give you $15,000 towards your down payment, that never has to be paid back. They are trying to get young couples to stay on Long Island so they are working with the LI Housing Project to make these funds available. If you have other questions feel free to FM me, I deal with the town of babylon a lot for work.

Also, not sure if FH is a veteran (mine is) if so, there are a few different VA credits out there and better mortgage rates for vet's.

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THAT might be it!!!!! Cause we are town of Babylon and I'm sooo sorry but I might have gotten confused between that and the $8000!

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Could be, they probably are doing this since they won't be doing the government isn't doing the tax rebates anymore and they don't want all the young people to leave long island.

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Posted by smrsun

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Posted by geegee827

The Town of Babylon is doing something for first time homeowners. There is an income limit though and unfortunately, FH and I make too much.

You can check it out on the Town of Babylon's website.

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It is such a great deal. I think they contribute $15k towards your down payment or something.
FH and I are over the limit so we don't qualify which is ridic. The only way around is if I apply before we get married based on 1 salary.

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We thought of doing that too. We'd have to use FH's salary alone because mine is over the limit, but he wouldn't qualify for the mortgage on his own. Also, note that the house cannot be more than $380,000!