| Are you planning to purchase a new home in | | | | schemes. It is available for everyone and not just for |
| California? If so, you could possibly qualify for the | | | | the first time buyers. The good news is that this |
| homebuyer tax credit. These are given to people | | | | benefit can be combined with the federal program, |
| who are buying new homes as their main residence | | | | and in return saving you up to 20,000 dollars, thus |
| not for rental purposes or vacation homes. To get a | | | | assisting you with down payment. |
| clearer picture of the criteria for this program, here is | | | | It is important to know that individuals who are not |
| a brief explanation. | | | | purchasing their home in California will not qualify for |
| This program is only available until spring 2010 so | | | | the 10,000 dollar credit. They would only be eligible |
| homebuyers need to buy their home within this | | | | for 8,000 dollars. The governor of California, Arnold |
| period in order to receive the benefits. But you can | | | | Schwarzenegger decided to introduce the $10,000 |
| submit your application by end of this year if you | | | | amount to Californians. |
| have already purchased your main residence. | | | | Here is a little breakdown on the amount of credit |
| Those who have purchased a new home from last | | | | that will be given to the borrowers. If you buy a |
| spring to March 2010 will automatically qualify for this | | | | home in California that costs $200,000, your eligibility |
| scheme; however homebuyers should be made | | | | for the credit will be $10,000. If you purchase a |
| aware that they must intend to reside at their new | | | | home for $500,000, your maximum credit still is |
| home for at least two years to avoid paying this | | | | $10,000. This is the highest amount that an individual |
| credit back in part or full payment. | | | | can be entitled to. |
| This tax credit is not like any other federal tax | | | | |