Julia Huntsman

Here's an update on the $8,000 tax credit: It is extended through April 30, 2010, with a 60-day extension if the buyer has a binding contract by that deadline. And, existing homeowners who have lived in their principal residence for the last 5 years may claim a $6500 credit. Income limits for these credits have been increased to $125,000 for single filers and $225,000 for joint filers. up to a maximum purchase price of $800,000 for both types of tax credits. Home buyers who remain in their primary residence homes for 36 months are not required to repay the tax credit--this requirement is waived for military personnel who are required to relocate. Purchases completed in 2010 may be claimed on the 2009 tax return.

Unfortunately in California there is no current method established for lenders to allow using the tax credit as a down payment towards certain loans.
For more real estate information and property listings in Southern California, please go to http://www.juliahuntsman.com.

Julia Huntsman
Broker Associate, All California Brokerage
License No. #01188996 - Sat Nov 14 2009, 09:49