Interest rates remain at historic lows and the tax credits for first time home buyers keep improving.  Unfortunately, there is a shortage of realistically priced properties in a first time buyer’s price range.   Inventory remains tight. 

Some highlights of the recently approved California’s Tax Credit for first time home buyers:

First time buyers defined as: any individual (and the individual’s spouse/registered domestic partner, if applicable) who did not have an ownership interest in a principal residence during the preceding 3 years.

Escrow must close on a single family owner occupied home between 5/1/10 – 12/31/10. Credits are also available for those who open escrow prior to 12/31/10 and close no later than 8/1/11 (on new construction only).

Additional information regarding California’s Tax Credit 

In order to obtain both the $8,000 federal credit and the $10,000 California State credit you will need to be in escrow this month, check with your CPA for details.

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