Tax Credit Extension

Pei Lin — Sat, 12 Dec 2009 01:56:45 +0000

In what has been urged as a must-have by real estate professionals and builders, the $8000 tax credit for first-time home buyers (previously due to expire Nov. 30), has been extended through April 30, 2010, according to the Associated Press. Not only has it been extended, but it has also been expanded to include more buyers.First-time home buyers who bought after January 1, 2009 (original date of credit term) and close before April 1 2010, would get the full $8,000. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

Current homeowners looking for a new home could also qualify for a $6,500 credit if they have lived in their existing primary residence for at least five years. However they must have purchased the new home after Nov. 6th 2009 to qualify for this tax credit.

Two publications from the National Association of Realtors provide detailed information:
Homebuyer Tax Credit Changes
Homebuyer Tax Credit Changes: Most Frequently Asked Questions

East Neighborhood Guaranteed Mortgage Program

Pei Lin — Sat, 05 Jul 2008 13:01:03 +0000

Syracuse University East Neighborhood Guaranteed Mortgage Program is available to Syracuse University faculty and staff purchasing a house in the East or Outer Comstock Neighborhoods. Applications are available from the Syracuse University Real Estate Services Office at 315-443-2104.Applicants must meet the following criteria:

Only single and two family houses are eligible. Multi-family and commercial buildings are not eligible.
Full-time and regular part-time faculty and staff are eligible. Temporary faculty and staff, grad assistants and students are not eligible.
Buyer agrees to live in the home as principal residence. If buyer decides to sell, rent, or move out, the mortgage must be refinanced through another mortgage program.
Buyer meets all customary lending criteria established by the lending institution. The decision to grant a loan rests solely with the lending institution.
Buyer must fill out an application and eligibility form. This form is reviewed by the Syracuse University Real Estate Services Office, the Office of Human Resources, and the Senior Vice President for Business and Finance. If the application is approved, the buyer then submits the form to the lending institution, which processes the mortgage application under the East Neighborhood Guaranteed Mortgage Program.

Central New York Real Estate Blog » Mortgage

Tax Credit Extension

East Neighborhood Guaranteed Mortgage Program