Because many of my buyers ask, I thought it prudent to create a quick blog post taking an overview of the California Tax Credit and the additional benefits to owning a new home:
- The $10,000 credit is the lesser of 5 percent of the purchase price or $10,000
- You must close your new home before December 31, 2010 deadline
- First-time buyers can purchase a new or existing home
- Repeat buyers can only purchase a new home that has never been occupied
- The credit is spread over 3 years, up to $3,333 per year
- The credit has no income or purchase price restrictions
The true advantage is for the first-timers. Along with historically low interest rates, an additional tax write-off is icing on the gluten-free cake!
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