Any California resident who is considering purchasing a primary residence (first time buyers, or long time owners) has an incredible opportunity to take advantage of tax credits being offered both by the Federal Government and the California Government.  Following are some of the basic eligibility details, as well as links to more detailed information.

California Tax Credit:

Amount Available:  5% of purchase price not to exceed $10,000 for first time homebuyers (haven't owned a principal residence within the last 3 years) or buyers of properties which have never been occupied (new construction).

Regulations:  The home being purchased must be the buyers principal residence.  Purchase must be completed between May 1, 2010 and July 31, 2001 and must be in contract by December 31, 2010.

For more information on the California Home Buyer Tax Credit, click here. 

 

Federal Tax Credit:

Amount Available:  10% of purchase price not to exceed $8,000 for first time home buyers or $6,500 for long term residents.

Regulations:  The home being purchased must be the buyers principal residence.  The transaction must be completed by June 30, 2010, and must be in contract by April 30, 2010.

For more information on the Federal Home Buyer Tax Credits, click here.