Clebrity Night Shot

People in California can celebrate that when they get their first home in California because there are several ways in which they can save money just from purchasing a brand new home. This will be a short guide on the homebuyer tax credit in California.

To get this tax credit is great for these families and individuals because it helps them save quite a bit of money. There are other ways to help with the purchase because the state and federal government are providing funds to new homeowners. Aside from this tax credit, there are state and federal grants which help to pay for down payments and closing costs, so these are very helpful and one should seriously apply for them.

To get this tax credit, one first needs to buy and close escrow on a home between May 1, 2010 and January 2011. What the credit is is a 10,000 dollar credit. If five percent of the home of the price is less than 10,000 dollars, that amount will be given instead. This tax credit is awarded over three years, and each year would be a maximum of 3,333 dollars per filing.

The maximum that the government can award all new homeowners is one hundred million dollars. Therefore, anyone who wants to apply should do so as early as possible because there is only a certain amount that can be handed out.

To find out more about this tax credit, one should visit the California state website to find out more details. There are several requirements to be met before applying. This is a very useful solution for people looking to save money on the purchase of a new home. There are other options to apply for such as state grants and federal grants to help people lower the cost of an expensive home in California.