New tax credits may mean new buying opportunities for you. As of march 1, 2009, home buyers in California of newly built homes may qualify for a tax credit of up $10,000. Below are some of the key highlights of the program:
The tax credit is equal to 5 percent of the homes purchase price up to a maximum of $10,000.
The tax credit is for the purchase of a builder certified newly built home. Builder must certify that the home has never been occupied.
The home must be a principal residence and the sale must close on or after March 1, 2009 and before March 1, 2010.
The tax credit does not have to be repaid, provided the homeowner occupies the home as his/her primary residence for at least 2 years.
The credit will be provided in equal amounts (up to $3,333) per year, over three consecutive tax years, beginning with the year the purchase was made.
No income restrictions.
The CA tax credit can be used in conjunction with the recently enacted federal tax credit, provided: buyer is a first time buyer and the home was purchased on or after March 1, 2009 and before Dec. 1, 2009.
The state has allocated $100 million for this program, available on a first come/first served basis.
Call Jim Black from B of A Home Mortgage today for more information on this program. Jim can be reached at 925.285.4898.
