Update on the CA first time home buyer tax credit

The 2010 California first time home buyer tax credit will be available between 5/1/10 - 12/31/10.    There are essentially 2 major components to this program.    (1)  $100 million allocated toward purchasing an existing home and (2) $100 million allocated toward a new home construction purchase.   The preliminary whispers in the market is the $100 million allocated to existing homes may be exhausted within 30 days or less and as quick as 10 or less days, depending on how many first time buyers delay their original April close of escrow to May.   

As of today, the application for existing homes has not been created yet by the State.    New home construction transaction will be allowed to "reserve" their tax credit.   Click here for further info. 

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