If you are thinking about buying your first home, you couldn’t have chosen a better time. With interest rates at record lows and property prices at affordable levels, you too can switch from renting to buying and start building equity for yourself. If you have never purchased a home before or haven’t in a long time, you may feel you need some guidance. Below are links to valuable information that can help you get started.

Take a look and then give us a call at 1-800-ELLIMAN or email us at homebuyers@elliman.com to find your new home, or click here to begin your search.

Obama Signs Homebuyer Tax Credit Extension
Click here to read more.

National Association of Realtors Helps Define the Home Buyer Tax Credit
Click here for Frequently Asked Questions.
Click here for Eligibility Chart/Program Comparison.

U.S. Readies Jobless Aid and Help on Homes
Click here to read more.

$8,000 homebuyers tax credit extended
Click here to read more.

Is homeownership right for you?
The two sites below will help you understand if homeownership is right for you. They ask some key questions that can help you assess your current situation so that you’re clear about taking the next step.

Freddie Mac (this Mortgage giant helps make affordable homes a reality for millions of Americans.)

The Nest (this site gives you a few “steps” to walk through that can help you make the decision to buy)

Understanding your Mortgage
Conforming...Jumbo...ARM...there are lots of terms when it comes to financing. Click here to see all the different types of mortgages and understand how they're most often used so that you can get the right financing for your new home.

Market Reports
Miller Samuel, a leading appraisal firm, compiles the most comprehensive and understandable data about the real estate market in the New York area. Click here to find out what’s been going on in your area.

The Beige Book
The Beige Book is economical data that is released by the Federal Reserve Board 8 times a year. Broken down by region, you can get the stats on how the economy is performing in your area.

NY Times Rent vs. Buy Calculator
It may surprise you to know that what you are paying right now may be equal to or more than what you would pay monthly to own! Use this helpful tool to calculate and compare your current and future monthly costs by entering your current monthly payments, the cost of your dream home, your mortgage rate, and your down payment.

Using your target price and current interest rates, find out what your monthly costs
will be on DE Capital’s Mortgage Calculator

Find Comparable Prices
his can provide you with some guidelines to help you and your agent to make a reasonable offer. Here are some additional resources that can help you find out what the “comps” or comparable prices are for homes like yours, recently selling in the area in which you’re looking.

• Street Easy
• Zillow
• Trulia

First Time Homebuyer Tax Credit
Great News! The First Time Homebuyer Tax Credit has been extended to May of 2009. The more-accessible credit now increases the income ceiling for buyers, and now includes current long-time owners who are looking to buy again! The favorable climate for new home buyers hasn’t been better. Click here to get the details, and get your search started today!

New York State Mortgage Credit Certificate Program
New York State's Mortgage Credit Certificate (MCC) Program is an additional way to assist first-time homebuyers. With an MCC, 20% of your annual mortgage interest can be converted into a tax credit and deducted dollar for dollar from your Federal income tax liability. The remaining 80% of mortgage interest continues to qualify as an itemized tax deduction. The credit can be taken to reduce your tax burden every year for the life of the mortgage loan as long as you continue to live in the home. To find out if you qualify, and if you live in an area targeted for the MCC Program, click here.

Myths About owning your first home

MYTH: You can’t get a mortgage if you have had several jobs over the last few years.
FACT: Banks really just need to see a stable income. Lenders understand that people change occupations and places of work all the time, and having a busy resume won’t hurt your ability to get a loan.

MYTH: You need perfect credit to buy a home.
FACT: You can still own a home with credit that's less than perfect. First, remember that you can improve your credit over time, and second, speaking with an agent or other home counselor can help you find a mortgage that's right for you.

Click here to see more myths and get the real facts.

Search Tool on Elliman.com
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Tell us what you're looking for in your dream home and we will let you know about the new listings that fit the bill.