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In the government's effort to assist first time homebuyers of Nassau County property, Empire Home Mortgage Inc has put together a list of the government's requirements.

1) You must be a first time homebuyer. What that means is that you did not own a home in the past three years.

2) The property that you are buying is to be used as a primary residence.

3) There are income limitations which are dependent on your family size, as well as a minimum income amount of $25,000.

4) You would have to attend a mortgage counseling session

5) You must be able to obtain a mortgage.

6) Your house can not be appraised more then $463,220.

7) The most important feature is that you must reside in the property for ten years. If you sell within ten years, you would have to pay the grant back.

8) You have to be able to obtain a mortgage

9) Houses have to be in the boundaries of Nassau County

 The amount of the grant is $15,000 and you have to put down at least $2,000 of your own money.

 All applications must be postmarked by 4PM Friday December 26, 2008.

 Empire Home Mortgage has the information as to where you can get the application. Also we can assist you in getting approved for a mortgage and getting the paperwork in order to submit to the Government.

 Look at our website, www.empirehomemortgageinc.com , for our contact information. We answer our phones seven days a week. We are a licensed mortgage brokerage business and arrange loans through third party providers. We arrange loans in Florida, New York, Virginia and Connecticut.

With the summer vacation season quickly approaching, we are seeing a continued request for credit checks and pre approvals for New York  properties. In speaking with our various referral sources, they are seeing a 15% increase in potential buyers year to date. I think that we are near the bottom on housing prices, perhaps another percentage point or two decline coming further.

  Mortgage rates have declined slightly with a 30 year fixed rate mortgage available at 6.125%.

 If you are interested in buying a property the most important thing is to know what your credit score is. Not just one score, but the middle of a tri merge credit check. At Empire Home Mortgage Inc. we can assist in checking, evaluating and recommending ways to improve your credit scores. We arrange loans in New York, Florida, Virginia and Connecticut. 

 Additionally, to get the best rate, you need to be able to prove your income. The old high loan to value, stated income loans of the past are nearly extinct. If you can find them, they come with a high interest rate.

  Visit our website, www.empirehomemortgageinc.com , for answers to any of your financing questions. Give us a call. We believe that our business is a customer service business. We answer our phones 7 days a week.