Governor Schwarzenegger today signed to authorize $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
This is different than the current federal program that expires in April. This program begins May1, 2010 and ends December 31, 2010.
This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Please contact me for questions on how to take advantage fo this valuable program.
For up to date info on the local real estate market, simply look at my website www.GaryNobile.com or call me at (408) 247-4029.