FIRST-TIME HOMEBUYER EXEMPTION CHECK LIST
Effective July 23, 2008
Buyer(s) must be a first-time homebuyer:
- Subject property is primary residence
- Primary residence means 1 or 2 family house, townhouse or condo and owner occupied
- No present ownership in a primary residence at any time in previous 3 years
- Buyer does not own a vacation or investment home
- All buyers of subject property must qualify; husband and wife must both qualify
Buyer must provide latest available Federal or State Income Tax Return
- Reduced by distributions reflected in Federal adjusted gross income received from an Individual Retirement Account (IRA) or Individual Retirement Annuity
Subject property must be within 120% of purchase price limits defined by SONYMA Low Interest Rate Mortgage Program in the non-target, 1 and 2 family household category for
Buyer's household income must not exceed income limits defined by SONYMA in the non-target one and two family household category for
Buyer must provide a copy of the executed Contract of Sale
Buyer must make an application for this exemption on Town-prescribed form. This form must be notarized.
Town Attorney must approve exemption
Buyer must file Peconic Bay Region Transfer Tax return with approved Town application form attached
Please see http://www.nyhomes.org/index.aspx?page=190 for applicable income limits, (non target 1 & 2 family), and
http://www.nyhomes.org/index.aspx?page=170 for applicable purchase price limits, (non target 1 & 2 family).
For the
Town of
First-Time Homebuyer's Exemption
Please see http://www.ehland.org/pdf/exemptionform.pdf