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First-Time Homebuyer Exemption.pdf

East-Hampton-First-Time-Homebuyer-Exemption-Checklist-6.26.19-Limits_201908150759337246.pdf

Preview of First-Time Homebuyer Exemption

🔗 Source: northshorepropertiesrealty.com

📊 Size: 64 KB

👤 Author: Christina Arkinson

⬇️ Downloads: 104

Summary

To qualify for the Peconic Bay Region first-time homebuyer exemption, buyers must meet certain criteria, including being a first-time homebuyer with the subject property as their primary residence, having no ownership in a primary residence in the previous 3 years, and not owning a vacation or investment home. The buyer must provide their latest Federal or State Income Tax return, and the subject property's purchase price must be within 120% of the SONYMA Low Interest Rate Mortgage Program limits for Suffolk County, currently $784,656.00. The buyer's household income must not exceed the SONYMA income limits for Suffolk County, currently $148,800.00. The buyer must also provide a copy of the executed Contract of Sale, make an application for the exemption on a Town-prescribed form, and have the Town Attorney approve the exemption. The buyer must then file the Peconic Bay Region Transfer Tax form with the approved Town application form attached.

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Description

To qualify for the Peconic Bay Region first-time homebuyer exemption, buyers must meet certain criteria, including being a first-time homebuyer with the...

Technical Information

File Format: PDF
File Size: 64 KB
Pages: 3
Language: EN
Author: Christina Arkinson
Total Downloads: 104
Last Updated: 1 week ago

Document Overview

This PDF document about First-Time Homebuyer Exemption provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into First-Time Homebuyer Exemption.