We all know about the $8000 credit for 1st time homebuyers. This states that as long as you have not owned a primary residence in the past 3 years, you qualify as a 1st time homebuyer and can receive a credit or refund on your taxes of up to $8000. And now, you DO NOT have to pay this back!!!
But wait, there's more! California lawmakers JUST approved an additional $10,000 home buyer tax credit!
This bill gives buyers who purchase any newly constructed previously UNOCCUPIED homes a $10,000 credit! The credit is available for 1 year, starting March 1, 2009, or until the $100 million set aside is used up, whichever comes 1st!
The icing on the cake with this new additional credit is that Californians DO NOT need to be 1st time homebuyers to take advantage of the $10,000 credit, nor do they have to meet the maximum income requirements of $75,000 for a single filer and $150,000 for a couple filing jointly.
Under the federal housing stimulus bill, a first time homebuyer is defined as someone who HAS NOT had a home ownership as a primary residence within the previous 3 years.
SOOOOOOOOOOOOOOOOOOOOO....how do you get up to $18,000 credit?
You must purchase a NEWLY CONSTRUCTED home in Ca, and have NOT OWNED a home as your primary residence within the last 3 years....if you meet these 2 requirements ...you can NOW get up to $18,000 tax credit.
And with the new arrival of the Down Payment Assistance program here til June 5th, 2009, even buyers who don't have 3.5% for a down saved up, can now GO SHOPPING!!! SOO....Let's go shopping!!!
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