Tagged : First Time Home Buyer

Ulster County Real Estate: The End of the First Time Homebuyer Tax Credit

Thursday, April 22nd, 2010 at 9:26am. 416 Views, 7 Comments.

On Friday November 6th, 2009 the U.S. House of Representatives passed legislation which extended and expanded the $8,000 first-time homebuyer tax credit, which was approved by the Senate earlier that week.  A few days later this legislation which affected Ulster County Real Estate as well as Real Estate everywhere was signed into law by President Barack Obama.

The extended version of the First Time Homebuyer Tax Credit featured some important changes for Ulster County Real Estate.  Probably most importantly, the Income Limits to qualify for the Tax Credit increased to $125,000 for individuals and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples featured in the previous legislation.  Additionally, a Tax Credit was added for…

Ulster County Real Estate: First Time Home Buyers - Is Now A Good Time To Buy?

Monday, March 8th, 2010 at 1:03pm. 481 Views, 3 Comments.

There's a lot to think about before you purchase your first home. Are you financial prepared? Are you ready to make a commitment?

Here's a list of things to think about and see if it's the right time to buy your first home.
 
1. How much you can afford? The cost of a home is much more than a monthly mortgage payment. There are also property and school taxes, maintenance and upkeep, utilities and home owners insurance. 

2. Do you have a monthly and stable source of income? If you have any doubts or are thinking of leaving your work place. You may want to hold off. Or, if you get laid off, will you have another way to pay your mortgage, such as a savings account? 
 
3. Do you know your credit score? If it's low you'll have to repaired it. This is very important…

Home Buyers Tax Credit - Ulster County Real Estate

Friday, November 6th, 2009 at 10:32am. 493 Views, 1 Comments.

So the Congress has passed the “new and improved” Home Buyers Tax Credit. Good for the Real Estate industry, very good for the home buyer, maybe not so good for the taxpayer. You hear the arguments for and against the program which will spend upwards of $45 billion, but the reality is that the industry is hurting badly and this will provide some relief nationally. Additionally, the potential for increased spending by new home owners on their new purchases should help the trade’s people and ancillary housing suppliers such as furniture sales.

This program is not a perfect solution, but then again, “Is there a government program that is?” The Home Buyers Tax Credit is much more closely aligned to helping Main Street, than all the “bail out” money spent on…