Emily,
The answer to your question is two-fold. . .

1) The federal tax credit will NOT apply in your case since you have owned a home in the past 3 yrs, even though it is in a different state.

2) THERE IS ALSO A CALIFORNIA CREDIT FOR HOMEBUYERS (separate from the federal program). This applies to NEW HOME SALES only. If you purchase a brand new home, you "may" qualify for a credit up to $10,000, even greater than the federal program and you do NOT need to be a 1st Time Homebuyer.

more info......
The California tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date. Once $100,000,000 has been allocated, the tax credit will no longer be available. (NOTE: The allocation is filling up VERY quickly).

If you would like more information, please contact me.

Donna Smolinski
(760) 271-8738
Email: donna@SmolinskiTeam.com http://www.SmolinskiTeam.com

Hi Emily, According to the California Association of Realtors;
Most federal programs carry similar stipulations for eligibility: You must not have held primary ownership in any property within the last three years and your household income must not exceed 80 percent of the U.S. Department of Housing and Urban Development's (HUD) median income level per region. Once you?ve selected a house, call the local housing authorities or ask your REALTOR® to contact the local Housing Department or Community Development Department to find out about homebuying assistance programs that are available in your area.

You also can research assistance options that may be offered through your employer. For example, some companies allow employees to borrow against their 401(k) or pension funds. Other employers, especially state and federal government municipalities, offer direct assistance as a company benefit. Or, if you're a veteran, you're eligible to take advantage of the assistance programs offered by the California Department of Veterans Affairs (Cal-Vet).

the link for thisinfo; http://www.car.org/forconsumers/financing/homebuyerassistanc…
If you can't get in the site, contact me and I will e-mail you the entire article and any others you need to make an educated decision.

There are several programs which offer assistance, but I believe you will not qualify if you have owned your primay residence any time during the past thee years.

Frank Crowley

Emily,

According to the Homebuyer Tax Credit chart by the California Association of REALTORS, under the Federal plan the home buyer and/or their spouse must not have owned a pricipal residence during the 3 year period before the date of purchase. It sounds like you would not be eligible. The good news is that prices are lower so if you are planning on buying , you are benefitting in that way.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company Inc,
Rancho Bernardo
760-644-1562

Thanks everyone for your responses! So the 3 year waiting period, does this mean that you cannot have owned a house AT ALL for 3 years or does it mean that after 3 years of owning a house, if you then move to CA you can be a first time home owner as long as your last house out of state was purchased over 3 years ago?
Thanks!

The answers already posted would be my answer also. Three years without owning is one criteria. I am originally from Long Island, you should really investigate the climates, counties, schools and freeways you will be driving before you move. California is a great place to live, made up of Easterners who have learned how to make it right. Schools, Parks, neighborhoods are all planned out better, and of course mostly newer. Good Luck.
View my June Newsletter here : http://images.kw.com/docs/1/4/2/142335/1245364471798_june_2009.pdf
Every month I highlight a different city in San Diego, contact me for further information

You might have to wait 3 years to buy as a first time home buyer again.

Good luck,
Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve

Dear Emily,

Your credit report will show if you recently owned a home.
If you have not been on title for about 3 years or carried a mortgage loan you will qualify as a first time homebuyer and you might want to consider an FHA loan with 3.5% down.. Okay, so this is how it works if you have not own a home in the last three years you would defiantly qualify as a first time homebuyer. Don't let this discourage you my dear, because in California each city offers great programs for buyers. I wish you and your family the best of luck in your move. California is a beautiful State you will love it here

Yea, I was afraid we may not qualify anymore. Not sure where we would move yet...seriously considering most of CA - as close to coastal as possible, but northern or southern...we're open. We just want to find what fits us best in terms of surrounds, price, etc. We'd ideally like to be walking distance to shops, restaurants, etc...or else a super close drive. If different areas of CA offer different programs for home buyers, then we'd also look into those that might have a program that would fit us.

Emily,

You may not fit the definition of a first time homebuyer anymore. Do you currently still own a home in New Jersey? What city in California are you thinking about? There may be other homeowner programs available depending upon the county and the city.

As Roxanne suggested, start with a mortgage broker or lender who can advise you of the available programs in the areas of interest.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
Rancho Bernardo
760-644-1562

Each state has their own set of "special" loan processes. I would advise you to find a good mortgage consultant you feel comfortable with and start there. They can advise you on the best options for you to purchase your new home. The ever changing mortgage industry has new programs each day.

Good luck.