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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Housing Assist Coldwellbanker