There are some great programs for buying new homes in San Jose (and other areas as well) that are ending VERY soon. For many of the San Jose city programs, the buyer must have a ratified contract by 4/24/09. Yes, that is VERY soon. But, if you are interested in new construction in San Jose, it may be worth moving fast. The city incentives range from $40,000-$110,ooo from what I have personally seen with the programs. And, there is also still MCC money as well. Plus, until the funds run out, buyers who buy new construction from March 1, 2009 to March 1, 2010, can get a $10,000 tax credit. Also, for the new communities, many of them are offering lender incentives up to $20,000 that can be used towards closing costs and other incentives. Some are even offering appliance packages in which they throw a new refrigerator, washer, and dryer into the deal. And, if you qualify, you are still able to get the $8,000 tax credit to boot. Something to think about for sure.
My first time buyer young couple just went into contract on a fabulous townhome in downtown San Jose. The price is $483k and the city is giving $111k in city assistance so the buyers will only be paying on a $371k price point with a minimum down payment. They are also most likely getting MCC credit. The lender gave them $10k in closing cost credits, and the builder threw in a new washer, dryer, and refrigerator. Plus, they qualify for the $10,000 tax credit for buying a new home and the $8,000 tax credit for buying in 2009. Very exciting!
You can contact me if you have interest in getting more information. There are guidelines and such that I will explain in more detail for those interested.
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