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Homebuyer Tax Credit - EXTENDED by Governator for Californians

By Lisa Delzompo 951-704-4559

Real Estate Agent with Sand to Sea Properties, Inc. BRE 01379811, NMLS 331744

March 31, 2010 03:32 AM

Homebuyer Tax Credit - EXTENDED by Governator Arnold Schwarzenegger for Californians

The law provides a homebuyer tax credit of $10,000 to first time homebuyers who buy new or existing homes from May 1, 2010 up until December 31, 2010. The federal homebuyer tax credit currently requires homebuyers to be in contract by April 30, 2010, which is a mere 30 days away.

Under the CA law, homebuyers in CA can claim 5% of the purchase price, up to $10,000. The new bill makes $100 million available to buyers of new homes and another $100 million available for buyers of existing homes. Here is a link to the California press release on the extended homebuyer tax credit.

The prior allocation of California funds for taxbuyer credits was also $100 million, and it ran out long before the time limits were up. So California homebuyers wanting to take advantage of the new extended CA tax credit should move to buy sooner rather than toward the end of the time period.

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Chris Alston

Chris Alston (Keller Williams Realty, Silicon Valley, California) - Campbell, CA

Silicon Valley, California

He is here to "pump us up"... It's always good to re-read the info until it sticks on our heads! :)

Mar 31, 2010 03:37 AM

David Monsour

Keller Williams Keystone Realty - Gettysburg, PA

ABR - www.realty-insights.com

I can't believe they are offering up 10,000 to buy a home that is just ridiculous. I mean I hope it motivates the market but deep down I think these tax credits are doing more harm than good.

Isn't california like a trillion in debt by itself already?

Mar 31, 2010 03:39 AM

Keith Landis

Keystone Home Finance - NMLS#834342 - Conventional - FHA - VA -USDA - Jumbo Programs - Direct Phone 412-726-1654 - Pittsburgh, PA

Pennsylvania - "Your Pennsylvania Mortgage Source"

That is great for the CA market. I would be nice to see some other states follow suit.

Mar 31, 2010 04:03 AM

Lisa Delzompo 951-704-4559

Sand to Sea Properties, Inc. - Palos Verdes Peninsula, CA

Experienced, Trusted, & On Your Mission: Home

David, I agree on a policy level it is wrong-headed, but while it's available, on an individual level I believe clients putting themselves first will be taking advantage of it.

Mar 31, 2010 04:33 AM

I'd absolutely take advantage of it given the opportunity, but it think it's still a bad move. We are creating a we say "jump" you say "how high" society in real estate and I don't like the direction we're heading.

Mar 31, 2010 05:06 AM

Eric J

Eric J - Dream Home Financing - Freehold, NJ

Dream Home Financing

In my opinion, the biggest problem impacting the property values outside of unemployment is the fact that virtually every lender in California (except for a couple) are no longer doing stated income loans for self employed borrowers.

Business owners have been taking advantage of the tax laws for years. As a result and after all of the write offs, their net income is very low. Self employed borrowers are required to qualify on NET and not GROSS like salaried borrowers. Add in the fact that stated income loans are basically gone and most of of the self employed borrowers are stuck. They cannot refinance, they cannot buy...nothing. That is a huge portion of the population.

Mar 31, 2010 01:57 PM

Homebuyer Tax Credit - EXTENDED by Governator for Californians

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Lisa Delzompo 951-704-4559

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