This is big news for home buyers in California!
The credit will apply to first-time buyers who purchase new or existing homes between May 1 and Dec. 31 of this year. It is for 5 percent of the purchase price, or up to $10,000.
Governator Schwarzenegger is expected to sign it into law soon.
Want to hear something REALLY crazy? It may be possible to combine this credit with the Federal Tax credit of $8,000, enabling a home buyer to potentially capitalize on up to $18,000 in tax credits! Wow! It’s a narrow window of opportunity: you would need to be officially in a contract by April 30, 2010, but close between May 1, 2010 and June 30, 2010.
If the extended tax credit follows the same guidelines as the previous tax credit (which ended in August 2009), here are the basic requirements:
- Must purchase the home between May 1, 2010 and December 31, 2010.
- Purchase date is the date escrow closes.
- The home must be the principal residence of the home buyer
- Home must be occupied by the taxpayer for a minimum of two years
There are additional requirements…and we’ll post them as soon as we get them from the top.
Looking for Foreclosure Listings in the San Francisco Bay Area? Here you go!
Subscribe to CommentsComment