New York State's Mortgage Aid
In addition to the federal tax cut for first-time home-buyers, New York State is sweetening the deal by offering its own mortgage aid, reported the New York Times this weekend. The State of New York Mortgage Agency’s Mortgage Credit Certificate program will grant federal income-tax credits to first-time buyers equal to 20 percent of the…
In addition to the federal tax cut for first-time home-buyers, New York State is sweetening the deal by offering its own mortgage aid, reported the New York Times this weekend. The State of New York Mortgage Agency’s Mortgage Credit Certificate program will grant federal income-tax credits to first-time buyers equal to 20 percent of the annual mortgage interest. To apply in New York City, the Times explains, “the combined annual income for households with three or more people cannot exceed $107,520, and the house price cannot exceed $637,640.” Participating banks such as M&T Bank and Wells Fargo will begin accepting applications in early September, and the program will run through the end of the year. And unlike the federal aid program, the Mortgage Credit Certificate will renew its tax credit every year.
More Help for New Yorkers [NY Times]
Photo by David Lot
Same crud the gov’t specializes in — programs for idiots. Must have been Barney Frank’s idea to increase home ownership. . .
Who makes 100k and can afford a 600k home?
Isn’t buying more than what you can afford what got people in trouble in the first place?
Eh. Not surprising.
This “first-time buyer” stuff always annoys me. I bought a studio when I was younger, so now I miss out on lots of incentives when I want to settle down with a family in a house? Whereas others who rented a studio during the same period get those benefits. What’s the logic in that?
i was shocked to find out that middle and upper middle class and upper upper class people get more money in housing welfare and tax breaks than the entire section 8 program!
*rob*