Do Johnson: There are several different tax credits: The First Time Homebuyer Tax Credit is issued by the Federal Government and as long as you close your purchase by 12/1/09 and are a first time buyer as stated in the guidelines issued by the Federal Government then you can qualify for the $8,000.00 credit. Here is the Link: :http://www.federalhousingtaxcredit.com/2009/faq.php

The California New Construction Tax Credit is a Tax Credit of $10,000.00 issued by the State of California. This tax credit is for a total allotted amount and may run out. http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml


Then there is the energy star tax credits that are available. You can receive up to $6,500.00 for a Newly constructed home built by an Energy Star approved builder.

So if you qualified for all of these you could get up to $24,500.00 just for these three tax credits.

Yes you do, you also have to be within income guidelines and not have owned property in the last three years, several states are offerring even more incentives. The best way to get specifics on your personal situation is to contact your local tax and real estate professionals to find out exactly what the options are for you. It is a fantastic time to buy with all these incentives and great interest rates.

Hi Dojohnson6556,
The tax credit is part of The Housing and Economic Recovery Act of 2008. This act provides for up to $8,000 tax credit for qualified first-time home buyers purchasing homes on or after January 1, 2009 and before December 1, 2009. This means you need to be looking now in order to complete the process by December 1.
The other credit is up to $10,000 for ANYONE who purchases a brand new home in California. We have just negotiated an awesome deal on a new home for one of our clients, and his family will get a total of $18,000 in tax credits. If you want to know how this affects your current tax situation, please consult your tax or legal professional.
If you need help finding the home of your dreams, please call. We'd love to help you! Thanks Liane

Not sure of the entire picture with your question..but some of the basics to the tax credit are
-First time home buyer who has not held an interest in property for the last 3 years
-Must be a home that is to be used for a primary residence
-You have to live in the home for at least 3 years or the credit in it's entirety must be repaid regardless of time lived in the home
-Must close on purchase before December 1st, 2009
-Tax Credit is %10 of purchase price up to a maximim of $8,000 for the credit.
There are more details, but I hope this answers some of your question. Feel free to contact me if you need more info about the tax credit

Hi Dojo,
There is a first time home buyer credit of $8,000 from the federal goverment. Also, the State of Calif. offers a $10,000 credit for the purchase of a new home ( you don't have to be a first ime buyer).
Walter