Last night as I listened to the local news I heard a reporter make two errors as he spoke about the housing market. First, he reported you need 3% down when obtaining your FHA loan. Wrong, it is now 3.5%. Secondly, he said the $10,000 tax credit restricts income to $75,000 for an individual or $150,000 for a married couple and it only applies to 1st time homebuyers. Actually, the $10,000 credit applies to California new construction and is not restricted by income or to 1st time buyers. Time limits and other restrictions do apply.
In California, there are two separate tax credits available. The $8000 tax credit and the $10,000 new construction tax credit. It is possible for the same buyer to qualify for a total of $18,000 in tax credits. However, certain requirements must be met to qualify.
Bottom line; don't take the news as gospel. It is a compilation of information truncated into sound bytes. Sometimes the facts get a little twisted and the truth is laced with misinformation.
Consult a professional to determine your eligibility for the aforementioned tax credits.
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Norma,
Well put! Way to set the record straight.
This is the first I have heard of the new construction incentive in California. That's not overly shocking, as I'm in Michigan, but I try to stay abreast of what other state's are offering.
Thanks for updating me!