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1765 Como Park Blvd.
Depew, NY 14043

SONYMA is back in the game.  They have been out of the market for some time due to their inability to obtain secondary funding due to the recent credit crunch.  Looks like they are now over that hurdle and offering rates on a 30-year mortgage as low as .

Here is a breakdown on the program:

Buyers could not have owned a home in the last 3 years

Low down payment of 3% (1% would have to come from the buyer, the other 2% can be a gift from family)

Total household income for the Low Interest Program:

          1-2 people cannot exceed  $67,900

          3+ people cannot exceed  $78,085

Total household income for the Achieve the Dream Program:

           1+ people cannot exceed  $44,450

Buyers can also choose to obtain a $3000 Closing Cost Grant to help with costs

Low Interest Program:    5.125% with the grant 

                                          4.625% without the grant

Achieve the Dream Program:   4.625% with the grant

                                                   4.125% with the grant

In addition to the benefits of this program, the buyer would also be eligible to receive the Federal $8000 tax credit.  This tax credit expires with contracts written after 4/30/10.  So now is the time to buy.  Waiting till after spring can cost a good deal of money.

 For further information, please contact:

Decide What You Want
The first step to take when buying your first home is to decide what you want. The best way to do this is to first reflect on the reasons you want to buy and write them down. Ask yourself questions like how long you will want to live there, does buying make financial sense, how much can you afford and will it meet your requirements, and don’t forget this one, are you willing to put work into a home if it requires updates? Next create a prioritized list of features and amenities that are important to you. This list should serve as your guide to searching for a new home, keeping in mind that the home you eventually purchase might not include every feature on your list. Three important factors to consider in your search are location, personal tastes, and budget. A real estate professional can provide a wealth of information on community characteristics including schools, shopping, dining and other neighborhood features that will play an important part in your final decision.

Well where do you start?

Today’s technology has made it very easy for a homebuyer to obtain information. Sources such as the internet, television and local publications are great ways to help make some decisions such as style of home, area and school district. One of the most important decisions you will need to make is your price range. A smart first step to take is to contact a mortgage broker to help determine what range is comfortable based on your lifestyle. Then, when you’re ready it is time to start looking.

Before running around, ask yourself this question: “Do I know what to do when I find my dream home?” In fact, finding that home is only part of the process. This is why it is important to take the time to sit down with a professional to plan for and learn the process. Even if you have bought several homes in your lifetime, it is still wise to rely on a more experienced guide who is often involved in several transactions per week. After all this is probably the biggest investment you’ll make in your life.

Begin by discussing your wants and needs with the Realtor of your choice. Together, you can select homes to view. Plan to take notes as you go from one house to the next. Discuss with your Realtor your likes and dislikes of each. Do not be afraid to ask questions or bring up objections. A Realtor is constantly getting information on new listings, one that may be just what you are looking for!

Inspect the Neighborhood:
As you consider buying a home in you prefered neighborhood, drive around to see how properties are maintained. They will affect the value of your home should you decide to buy. Talk to the neighbors in the area, it’s a great way to get some ideas about the neighborhood, also drive around on weekends or during rush hour to see what traffic is like. Other things you may want to consider include:

• How home values held up in the neighborhood.
• Traffic flows through the area.
• Driveway and/or available parking.
• Distance to schools, work, shopping, parks, etc.
• Is it in a flood zone, or will noise be a problem.

President Obama Signs Extended Home Buyer Tax Credit
Friday November 6, 2009
President Obama signed today the Extended Home Buyer Tax Credit legislation approved yesterday by Congress.

The key provisions are:
•The $8,000 home buyer tax credit is extended to April 30th, 2010, with another 60-day extension for those home buyers who have entered into a purchase contract by April 30th, providing it closes by June 30, 2010.

•Buyers who are not first-time home buyers can apply to receive a tax credit of $6,500, providing these buyers have owned and occupied a principal residence for 5 out of the last 8 years.

•Income levels for those who buy a home on or after November 6, 2009 is raised to $125,000 for a single person and $225,000 for a couple, with phase-outs above those levels.

I wanted to update you all on the status of the first-time buyer credit being extended.  In an nutshell, it’s close and it may be improved.  

There apparently is an agreement on the details of an expanded and extended credit.  No vote has occurred yet.  The issue is now caught up in Senate procedural matters.  However, there is optimism that it will be resolved this week.  The provision would still have to be passed by the House. 

Below are the details of the proposed new tax credit program.

*         First-time homebuyers will continue at $8,000  — same definition
as current law.

*         Tax credit for “move up” purchasers will be up to $6500

*   Must have used previous home as a principal residence for 5 of the 8
previous years.

*         Income limits increased and are the same for first-time and “move
up” purchasers : $125,000 for single filers/$225,000 for joint filers

*         Limitation on eligible home prices has been increased to $800,000

*         Time Frame:    December 1, 2009 to April 30, 2010 plus 60 day
extension if binding contract is in place by April 30, 2010

*         Anti-fraud measures have been added
 
We will keep you posted!  As always, we appreciate your support and your business referrals.  If you have any questions or comments, contact ma at: jgreiner@r-house.com