2 Seperate Tax Credits For California Buyers

The federal first time home buyer (FTHB) tax credit is for $8,000. Here are the details revised 2009 version:

• Raised from $7,500 to $8,000
• Non-repayable
• First time, occupying home buyers only (technically meaning you haven’t had a home for the immediate 3 years prior to this purchase)
• Currently for closed transactions from Jan. 1, 2009 through Dec. 1,2009
  If you sell the home with-in 3 years, the credit will have to be returned.
• Loanlimits based current FHA and GSE limits (yes, this includes the new higher limits!)
• Income limits $75,000 for individual and $150,000 for married couples

The California home buyer tax credit is up to $10,000 with a limited budget of $100 million dollars(remaining credit available is listed as $33+ million, but does not include pending applications) . If you are eligible this will be on top of the Fed’s 8k credit, totaling a possible $18,000 in your pocket

• New construction only
• Buyer must stay in the home for two years
• Tax credit is paid over a period of three years to the homeowner
• This program has a limited budget of $100 million dollars
• There are no maximum income limitations for qualifying
• YOU DO NOT NEED TO BE A FIRST TIME HOME BUYER TO QUALIFY FOR THIS PROGRAM!

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