The economy has seen some serious ups and downs over the past several years. One of the largest sectors affected by this financial roller coaster ride has been the real estate market. Just prior to the downturn, the real estate industry was booming. It was a sellers market and people were having the ride of their lives, making hand over fist. If you were not making a six figure income, chances were high, you were unable to purchase a home. However, the winds have changed and now we are witnessing a buyers market climate. The Ca first time home buyer can qualify for incredible rebates as well as tax incentives.
Even if you think you are not in a place to purchase a new home, you can find incredible deals on homes that have been taken by foreclosure. Many of these homes are in immaculate, move in shape and are priced far below market value. Take advantage of this incredible opportunity to purchase your first home.
Houses are being sold left and right in short sales and bank auctions. These are high quality homes that can allow you and your family a place to flourish and grow. Some may need a little bit of tender loving care while others are on the market that have never been lived in. By taking advantage of Ca first time home buyer programs that are available, you can get a lot more home for your money than you could ever imagine.
Under the terms of the Ca first time home buyer program, you can apply for a ten thousand dollar tax credit. This tax credit must be broken up over the course of three years. Beginning with the year that the home is purchased, you can take $3,333 of tax credit each year.
There are a few stipulations that you must adhere to in order to qualify for this credit. You must be at least 18 years of age when the home is purchased. If you are under the age of 18 but are married to someone who is over the age of 18 when the home is purchased, you will qualify for the credit on your joint tax return.
The sale and purchase of home between family members does not qualify for the Ca first time home buyer program. You must also not be able to be listed as a dependent on the income tax return of another individual to apply for this credit.
New homes can also be used for this program. The stipulations on this half of the program state that the home must be new and have never been occupied prior to your moving in. You must reside in the home and use it as your primary residence for at least two years after the purchase of the property.
The Ca first time home buyer/new home tax credit program is designed to help individuals and families in an effort to stimulate the economy. There is no time like the present to make your dreams come true. Home ownership is rewarding and provides your family with security for the long haul. Apply today and move in to the home of your dreams.