SAN DIEGO REAL ESTATE... "You may have three wishes"

Dorthy, we're not in Kansas anymore... and have you used all three wishes?

  1) The recession to be over (please)

  2) Stock market to rebound (my portfolio to be up specifically)

  3) Real Estate??? More Tax credits?

They say the best things in live are free... and yes, I believe it. I sat on the sand yesterday during a break from my busy schedule to ponder how great life is in San Diego. The weather was nearly perfect, the sand was warm, the breeze was just the right temperature... not to hot... not too cold... just right. Then it hit me, I realized that regardless of the next real estate move is up or down, this is simply a great place to LIVE. I don't need a wizard to tell me if I the market will go up 1% or down 1% this month to know, living in San Diego is great.

Some local favorite homes here in San Diego... or pieces of San Diego prime real estate as some like to call it... We have Del Mar coastal luxury, Rancho Santa Fe Estates, La Jolla elegant real estate, Cardiff beach homes, Carmel Valley a family affair with flare, Torrey Woods Estates a hidden gem, Torrey Hills the neighborly neighborhood, and on and on....  San Diego Real Estate is arguably some of the most valuable land on the globe.  And the State of California is going to help more people get a piece of this prime real estate pie, with the latest piece of legislation... read below for details.

REPRINT below from San Jose news paper 

State of CA Extends & Enhances $10,000 Home Buyer Tax Credit - Great For Those Getting FHA Loans In California
 
The state of California has extended and enhanced the $10,000 tax credit for home buyers in California.  The tax credit used to only be for brand new built homes, now the tax credit includes ALL first time home buyers buying ANY type of home, new or resale.   This is great news those who first time home buyers who intend to get FHA loan to purchase their first primary residence home in California. 

This credit is set to go into effect May 1st 2010 just as the $8,000 federal tax credit expires April 31st 2010.  And the California tax credit will be available through August of 2011.  The credit is 5% of the homes purchase price with a limit of $10,000.  So to get the full $10,000, you would have to purchase a home for at least $200,000. 

The way tax credits work is if you paid state taxes, you can get a refund for those taxes up to $10,000.  So yes you will get a check for $10,000 if you fit into this program and you paid $10,000 in state taxes.   If it works like the federal tax credit, you will be able to amend you 2009 returns and get the credit for 2009, or take the credit in 2010.

FHA is the preferred financing of first time home buyers (the major recipients of the California home buyer tax credit) because of the minimum down payment of 3.5% (which can be a gift from a relative), flexible qualifying guidelines and still terrific interest rates.

And here are some additional highlights to remember about FHA loans:

• To get a FHA loan credit score does not have to be perfect
• FHA loan interest  rates are at historic lows
• You can use gift funds for FHA loan down payment
• Maximum FHA loan is $729,750, so you can get a FHA loan in expensive parts of California like Los Angeles, San Jose, San Francisco and San Diego
• Debt-to-income ratios on FHA loans are allowed up to 55% where conventional loans require 41% with less than 20% down

(enjoy San Diego Real Estate)