Buying a San Diego Home? More Money for You!

Buying a San Diego Home? More Money for You!

In addition to the soon-to-be-expiring federal tax credit, San Diego home buyers can benefit from the new tax credit through California! Whether you can take the credit depends whether you are a first time San Diego home buyer or whether you buy a resale or new home.

First Time Home Buyer of Resale Homes
First time San Diego home buyers buying resale homes can claim the credit (so, if you're not a first time home buyer this won't apply).

New Homes 
San Diego home buyers (whether first time buyers or not) buying a brand new home can get the credit.

The Credit
- Dates: To be eligible for the tax credit, the San Diego home has to be purchased from May 1, 2010 - December 31, 2010. Or, you need to be in a contract to buy a home by December 31, 2010 and close no later than August 1, 2011.

-San Diego home buyers can receive a credit equal to the lesser of 5 percent of the purchase price or $10,000.

-The credit can only be taken in equal installments over three consecutive years.

-Buyers are required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

Whether buying a resale or new home, contact me so I can let you know what homes are available. But hurry because the last time the credit was available funds ran out quicker than expected because so many people bought homes to take advantage of that credit.

Buying a Home? More Money for You! is by Deborah Engel, Prudential California Realty, is a recognized San Diego and Carmel Valley Realtor for top client satisfaction. If you'd like to learn more about Deborah, visit her website, www.PropertyByDeb.com, email her, Deb@PropertyByDeb.com, or call her at 858-829-1989.