3 Great Orange County Home Buying Incentives
JoJo on Mar 8th 2009
Federal Tax Credit for Home Buyers:.
- For first time home buyers (those who haven’t purchased in the last 3 years).
- Eligible for up to $8000 or 10% of purchase price, whichever is lower..
- Tax credit starts to phase out on income above $75K for individual/$150K for couples..
- Must live in the home as your primary residence for 3 years. If not, must repay the credit..
- Tax credit expires 11/30/2009.
State Tax Credit for New Home Buyers:.
- This tax credit applies to all buyers and no income restrictions..
- Eligible for up to $10,000 or 5% of purchase price, whichever is lower..
- The tax credit will be provided in equal amounts of up to $3,333/year for 3 years.
- Must live in the home as your primary residence for 2 years. If not, must repay the credit..
- Tax credit effective 3/1/2009 to 3/1/2010 – or when funding is exhausted..
- You can take advance of BOTH tax credits if you meet the qualifications!
Higher Loan Limits:.
More good news – the Conforming Jumbo loan amounts have been extended back to $729,750.. These loans will be eligible for less expensive rates than the “Jumbo” loans.
