2010 Tax credit for New Home/ First Time Buyers

Hot off the press!  California signed into law up to $10,000 new tax credit for home buyers that close from May 1, 2010 – January 1, 2011.   If you thought you had to get into a home before the Federal $8000 credit expired on April 30, 2010 and Closing on June30, 2010 ; stress no more. Now you have the ability to transition into one or the other tax credit.   – Credit for First time buyers/ New home buyers – Credit amount to be the lesser of 5% of purchase price or $10000 – Limited funds only $100 million for First time buyers/ $100million for New home buyers – SFR attached or detached – Total credit to be applied within 3 years at 33.33% each year – Must live in property for 2 years  If you have any questions, I will guide you in the right direction.

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