California just approved a New Home tax credit of up to $10,000 for home buyers! That means the new home you've been looking at could now be within your price range if you act quickly - the tax credit is only available until the funding runs out.
Key points about this tax credit:
Buyers will get up to $10,000 (5% of home price or $10,000, whichever is less) tax credit for the purchase of a newly constructed, previously unoccupied home.
Available starting March 1, 2009, and running until March 2010 or whenever the $100 million funding authority runs out.
Allocated by the state's Franchise Tax Board on a first-come, first-served basis (details still to be worked out).
Combined with ZipRealty's 20% rebate1 and historically low interest rates, you could be looking at some serious savings on your new home purchase.
Everybody's tax situation is different and we strongly encourage you to speak with your personal tax professional to decide if this program is right for you.
As a first-time buyer, you could also qualify for a tax credit of 10% of the price of your new home, to a maximum of $8,000.2 Read morehere.
2This communication is neither tax nor legal advice, and is solely intended as a brief summary of some provisions of California homebuyer tax credit programs. These new initiatives contain various restrictions and limitations; you should consult with your attorney, tax, and/ or accounting advisor(s) for specific advice and counsel on how the new law may apply to you. ZipRealty, of course, is here to help with all of your real estate service needs. Details and important limitations on ZipRealty's rebate are available at http://www.ziprealty.com/buy_a_home/rebate.jsp.
