This chart provides info on the "new" FTHB Federal tax credit:
If the home you are buying is a "new home" you be able to claim the $10K CA Tax Credit. You can find out more about the CA tax credit using the sites below:
Thinking about a 3.5% min down FHA loan for financing? How about a tax credit you can use for a down payment:
On 5/12 Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the Federal $8,000 tax credit as a down payment! FHA will allow approved lenders and nonprofits, and state and local government agencies to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds. However, there isn't much we can do until the details of the program are fully released, and accepted by lenders.
I would be happy to show it to you. I was there last weekend with another client showing them the 3 br homes in the development. Please let me know what day and time works for you.
Help-U-Sell Achievers Realty
40083 Mission Blvd, Fremont, Ca 94539
Are you working with Buyer's Agent/Realtor yet? Since the Builder/Seller pays the commission to the Buyer's Agent there really is no reason not to get professional guidance when purchasing a home (yes, even if it's new), after all, the Seller has dedicated representation â€“ you should too!
There are a "few" other things you should know about buying a new home from a Builder (make sure to read the "warranty" section:
Have you been Pre-Approved yet? If you truly are serious about buying your first step should be a loan pre-approval to confirm what you can actually afford before placing an offer. You can read more about the loan pre-approval process here: http://www.Steven-Anthony.com/default.aspx?pp=39377
You might be thinking, " The builder already has their own lender." I'm sure with KB this will be the case, but you may want to weigh what the builder is offering versus a mortgage broker just to do a financial sanity check.
Via the Pre-Approval process you will know exactly what you can "technically" afford based on current interest rates. Then, it's up to you to decide how comfortable you want your payment to be by reducing your target sales price or increasing your down payment. More importantly, the Pre-Approval makes you aware of any issues that will prevent you from buying when you want to.
If you want to know all of the costs of purchasing a home based on a set Sales Price you have to ask for a Good Faith Estimate that includes all third party costs (title, escrow, insurance, property tax, appraisal, inspections, etc.).
I have acted as my own "hands on" General Contractor, tearing my own home down to its original 1700sf foundation and then building it back up to 3,200sf. So, I'm pretty darn good at spotting problems before any money is spent on inspections (yes, builders make mistakes).
I also know a bit about how Builders function. I co-founded a company called blueTop, a web-based Construction Management software company for Residential builders. Richmond American Homes (Sac Division) built about 3000 homes using our software as a beta customer. I now provide the software for FREE to small builders as long as they use blueTop's partner Mortgage Banking services for the project.
So, if you are looking for someone with "builder experience" to represent you, I'm available to register you with the builder and show you this or any other news homes you might be interested in. I would suggest you also be looking at existing housing stock as well, REOs can be great deals!