Don't miss out, there is a small window of opportunity of roughly one month to take advantage of the combined home buyers tax credit.  In order to take advantage of both the federal and state tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive.  Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law. For more information on how to take advantage of the combined tax credit feel

Great news for new home buyers in California, as the federal home buyer tax credit is finishing up on April 30th a new law, AB 183 allocates 200 million to the credit for homes purchased between May 1st to December 31, 2010.  For all the first timers on the fence, it does not get much better then this!  Now here are the qualifications that you will need in order to take advantage of this tax credit today! 

 To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see: 2009 First-Time Home Buyer Tax Credit. Which Properties Are Eligible? The Extended Home Buyer Tax Credit