California New Home Tax Credit Program – Buy A Home For 1% Down With An FHA Home Loan

The California New Home Tax Credit Program was created to give California taxpayers an opportunity to earn a tax credit during 2010 for buying a new house in California. The tax credit is applied over a 3 year period and can amount up to $10,000 depending on the home price that you purchase.
The California New Home Tax Credit Program is designed to encourage California residents to purchase a new house in California. Unlike many home buyer programs, you do not have to be a first time home buyer to be eligible for this program. However, you do have to live in the home – and agree to live in the home – for a period of 2 years immediately following purchasing your new home.
The New Home Tax Credit financial allocation from the California state government is available on a first come first served basis which means you can only get the tax credit if there are funds available for it and the program will not be available after Dec 31, 2010.

Qualifications to get the California New Home Tax Credit

You must purchase a new home – the home must never have been lived in.
You must be over 18 years old to qualify
If you claimed the 2009 California New Home Credit you are not eligible for the 2010 program
If you are related to the seller of the home you want to purchase you are not eligible for the program
If you are claimed on someone else’s tax return (like your parents) you are not eligible for the program. In this case, your parents cannot purchase the home on your behalf to qualify for the tax credit because the tax credit is only applicable to those applicants who plan to live in the home for two years.
You must purchase the home from someone else – you cannot build your own home and qualify for this program.
You can only purchase a single family home – no multiplex homes allowed in this program.

To see if you qualify for this program please complete the form below and the few screens that follow to have a qualified mortgage professional contact you.