Thanks to the new California first time homebuyer tax credit that governor Schwarzenegger signed into law, first time homebuyers can qualify for a state tax credit of 5% of their purchase price, up to $10,000. Because the federal tax credit expires at the end of April 2010, if you enter into a purchase contract before the end of April, and close the esrow after May 1, you can receive the federal and state tax credits combined. The federal first time homebuyer tax credit will give 10% of the purchase price, up to $8,000. Taking advantage of both credits in the months of April can result in up to $18,000 of tax credit. This really is an incredible opportunity, and one that any of you that have been thinking about buying property, should take advantage of. If you live in California, and want to see what opportunies are available, give me a call at 800-785-4952. Fresno Real Estate
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