California Tax Credits are still available for home buyers. The state of California has set aside $200,000,000 for 2 tax credit programs that offer buyers tax rebates for the lesser of $10,000 or 5% of the selling price. This means, if you purchase a home for $200,000 or more, you are eligible for a $10,000 credit; if under $200,000 your credit will be 5% of the selling price. These tax credits are available for taxpayers who purchase a qualified principal residence on or after May 1, 2010, and before January 1, 2011. Taxpayers must apply the total tax credit in equal amounts over 3 successive tax years (maximum of $3,333 per year) beginning with the tax year in which the home is purchased. There are two types of tax credit available; there is a tax credit for a new home purchase and a tax credit for first time buyers. The program dates are May 1, 2010 - December 31, 2010.

New Home purchases must:

• Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been "purchased."
• Have never been occupied. Sellers must certify that the home has never been occupied in order for a taxpayer to receive an allocation of the credit.
• Be eligible for the California property tax homeowner's exemption.
• Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.

First Time Buyer purchases must:

• Be a single family residence, either detached or attached. This can be a single family residence, a condominium, a unit in a cooperative project, a house boat, a manufactured home, or a mobile home. A home constructed by the taxpayer is not eligible since the home has not been "purchased."
• Be eligible for the California property tax homeowner's exemption.
• Be occupied by the taxpayer as their principal residence for a minimum of 2 years immediately following the purchase.

A First Time Buyer is any individual (and the individual's spouse/registered domestic partner, if married on the date of purchase) who did not have an ownership interest in a principal residence, either in or out of California, during the preceding 3 year period ending on the date of the purchase of the qualified principal residence. If the buyer is married on the date of purchase and either the buyer or the buyer's spouse/registered domestic partner had an ownership interest in a principal residence during the preceding 3 year period, the buyer does not qualify for the First Time Buyer Credit even if the spouse/ registered domestic partner is not going to be on title. The federal tax credit program may have ended, but in California, you still have a unique opportunity to receive this purchase incentive. For complete details about this program and application instructions, visit the California Franchise Tax Board website, and speak with your experienced, California agent and loan officer to begin the process of California home ownership. -- WeFixRates.Com --