$8,000 First Time Home Buyer Tax Credit

The $8,000 First Time Home Buyer Tax Credit has generated a lot of questions in the Rochester area. Hopefully I can clear up some of these with a little FAQ:

How Do I Qualify For the $8,000 First Time Home Buyer Tax Credit?
If you are a first time home buyer in the Rochester, NY area you will qualify for the First Time Home Buyer Tax Credit if you purchase a home and take possession on it by December 1, 2009.

Will the First Time Home Buyer Tax Credit Automatically Give Me $8,000?
Not necessarilly. The first time home buyer tax credit will give you 10% of the purchase price of the home, with a maximum of $8,000. If you purchase a home for less than $80,000 the credit you recieve from the first time home buyer tax credit will be less.

Will I Recieve Funds from the $8,000 First Time Home Buyer Tax Credit at or before closing?
No. You must buy the home using a mortgage or your own funds. The First Time Home Buyer Tax Credit will not be awarded until you file your new tax retun.

For the Purposes of the Tax Credit, what is a "First Time" Home Buyer?
You will be eligible for the $8,000 First Time Home Buyer Tax Credit if you have not had ownership interest in a home in the last 3 years.

If you have additional questions that you would like answered please post them in the comments section below. We are happy to help you understand the $8,000 First Time Home Buyer Tax Credit.

Rochester Mortgage Rates

Rochester Mortgage Rates for March 31, 2009 are listed below:

30-year fixed rate conforming
0.000 Points - 5.000% 5.045% APR
0.375 Points - 4.875% 4.953% APR
0.750 Points - 4.750% 4.860% APR
1.250 Points - 4.625% 4.778% APR
1.625 Points - 4.500% 4.685% APR



25-year fixed rate conforming
0.000 Points - 5.000% 5.045% APR
0.375 Points - 4.875% 4.953% APR
0.750 Points - 4.750% 4.860% APR
1.250 Points - 4.625% 4.778% APR
1.625 Points - 4.500% 4.685% APR


20-year fixed rate conforming
0.000 Points - 5.000% 5.045% APR
0.375 Points - 4.875% 4.953% APR
0.750 Points - 4.750% 4.860% APR
1.250 Points - 4.625% 4.778% APR
1.625 Points - 4.500% 4.685% APR


15-year fixed rate conforming
0.000 Points - 4.750% 4.827% APR
0.375 Points - 4.625% 4.759% APR
0.625 Points - 4.500% 4.671% APR
1.000 Points - 4.375% 4.603% APR


10-year fixed rate conforming
0.000 Points - 4.500% 4.610% APR
0.375 Points - 4.375% 4.566% APR
0.625 Points - 4.250% 4.495% APR
1.000 Points - 4.125% 4.451% APR


The Rochester Mortgage Rates listed above assume a conventional mortgage with conforming dollar amounts of $417,000 or less for a single family residence and $533,850 or less for a two-family, owner-occupied residence.

All Rochester Mortgage Rates assume qualifying credit and meeting underwriting quidelines. APR assumptions based on $100,000 loan and $509 in fees (plus applicable points). Fees included in APR are application fee of $250, Tax Service Fee of $69, Flood Certificate of $15, and Underwriting fee of $175.

It is important to note that each individual loan is different. The above list summarizes typical Rochester Mortgage Rates. The mortgage rates that you receive may be higher or lower. Rochester Mortgage Rates are not guaranteed by the management of this website.