Multi-Family Units & the Federal Tax Credit

I learned something new today regarding the Federal Tax credit for first time home buyers (defined as not owning a home in the past 3 years.) If you purchase a 2-family unit as your primary residence, you are only eligible for half of the tax credit and only a third of the credit if you purchase a three-family unit, etc.There are still no local mortgage lenders that are providing a short term

Cash for Buying a House

For the past two weeks or so, there have been rumors galore that first time home buyers will be able to borrow their federal tax credit in order to use that money for closing costs and down payment towards the purchase of a home. The details have not yet been worked out but I think this is going to happen. There are some technicalities that have to be worked out because basically you are not

A Hedge Against the Economy

Several weeks back CNN Money Magazine predicted Rochester's housing prices to increase 2.7%, ranking it second in the country for fastest growing markets. And while that is very good news for the Rochester real estate market, there are a few things to keep in mind. First off, this is only a prediction. Second, this is a cool off of the 4 to 6% appreciation we've been seeing in recent years.As I

Closing Costs Take 2!

Hello again! Hope everyone had a great holiday season. Lets jump right in, and finish this little mini-series on "Closing Costs". Today we will focus on the actual cost of getting a mortgage. As you may recall from "Take 1", this is the area where you want to focus on when shopping for a mortgage. Some of the fees will be the same regardless of where you get your mortgage, and some will vary from

Closing Costs Take 1!

Hi everyone! Today I'd like to take a moment to talk about a topic that can be confusing for first time home buyers. Many times home buyers will mistake the term "closing costs" with the "Total Money Required to Close". When in fact "Closing Costs" are just one of two or three components of whats required at closing. I say "two or three" because sometimes home buyers are not coming up with a "