ATTENTION FIRST TIME HOME BUYERS IN CALIFORNIA!
You may remember last year that California had a $10,000 tax credit for home buyers. Well, it ran out very quickly, when the home buyers who qualified for it had consumed the $100,000,000 that was set aside for the program. Today, Governor Schwarzenegger signed a new bill into law that funds the program up to $200,000,000. Here are the details:
- Must be a first-time home buyer.
- The Tax Credit will be 5% of the purchase price, up to a maximum amount of $10,000.
- The Tax Credit will be paid to the home purchasers over a 3 year period.
- Half of the $200,000,000 will be for purchasers of existing homes. The other $100,000,000 will be for purchasers of brand new construction.
- Must live in the home for a minimum of two years.
- All contracts must be executed no later than December 31, 2010.
- Escrow must close no later than August 1, 2011, for a contract that was executed by December 31, 2010.
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