California 2010 Home Buyer Tax Credit Extended
Posted by Leslie Eskildsen on Tuesday, March 30th, 2010 at 5:49pm.Great news for Orange County CA home buyers! On March 26, 2010 Govenor Schwarzennegger signed a bill to allocate another $200M to extend the California Home Buyer Tax Credit program that ends on April 30, 2010. Half of the money will be allocated to first-time buyers of existing homes, and the other half to anyone who buys a new home from the builder.
Extended Through Year End
This program goes in to effect on May 1 at 12:11 AM and (if the money doesn't run out before then) will be in effect until December 31, 2010. Just for comparison - last year the state set aside $100M for credits to new home buyers but the money was gone 8 months before the program ended. Hello! Can you say "History repeats it's self?" I wouldn't wait til September to buy a home if this kind of credit would make a financial difference for your home buying power. Want an even bigger credit? Move fast! Buyers who'd also like to take advantage of the Federal tax credit program as well need to be under contract by April 30, 2010.
Up to a $10,000 Credit, No Income Restrictions
The plan give home buyers 5% of the purchase price of a new or existing home up to $10,000 in tax credit spread over three years. And there's no income limit - so this program is for everyone in California looking to buy a home this year and take advantage of the tax credit. New homes must be under contract by December 31, 2010 and close by April 16, 2011. The home purchased must be for your primary residence.
One huge catch - you must live in the home for two years. If you sell before you've lived in the home for two years, you have to give the money back.
I'll keep you posted...
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