You can buy a Home and usally pay less than you are paying in Rent Right Now! Plus all of these TAX Benefits and it is NOT Just for 1st Time Buyers anyone get it : Call or E-mail for a Consultation.

 

Below is an article I recently read in the S.F. Chronicle. They have made it very attractive to buy a home for the 1st 100 Million then it runs out.

Read Below

 

 

Leagal Update

New California tax credit....
-10K home buyer tax credit if close home after march 1st.
-spread over 3 years . 
-200K home=full tax credit, if less 5% of purchase price
-on top of 8k federal tax credit
-100m fund, first come first serve, 10K homes.
-non-refundable(must pay taxes to benifit.)
-dont have to be a first time buyer 

 

For home buyers

The federal and state governments have both created credits for home buyers, but the rules are quite different.

Under the federal plan, if you have not owned a home in the past three years and buy a new or existing home between Jan. 1 and November 30, you could get an $8,000 federal tax credit. This credit is refundable, which means you can get it even if you don't earn enough money to owe taxes. The credit phases out between $75,000 and $95,000 in income for singles and $150,000 and $170,000 for couples.

Under the state plan, if you buy a newly built home in California on or after March 1, 2009 and before March 1, 2010, you will be eligible for a state tax credit equal to 5 percent of the purchase price or $10,000, whichever is less, according to Gina Rodriquez, Spidell Publishing's Sacramento editor. The credit must be spread over three years, and you don't have to be a first-time buyer.

Within one week of the sale, the seller must certify to the California Franchise Tax Board that the home was new and unoccupied. The state has set aside $100 million for this program and will dole it out on a first come, first served basis. There is no income limit on the credit, but it's nonrefundable: You can't benefit from it if you don't pay state taxes.

You'll have to pay back the state credit if you don't live in the home for two years, and repay the federal credit if you move out before three years.

In the weeks ahead, I'll try to explain more details of these plans. If you have questions, drop me an e-mail and I'll answer as many as possible in my column.

Net Worth runs Tuesdays, Thursdays and Sundays. E-mail Kathleen Pender at kpender@sfchronicle.com.

With Highest Regards,
Bill