April Update on LOFT/HOME LOANS

[TedTrent]

Ok, the good news first and then a reminder about the Federal First Time Home Buyer Tax Credit.

CA tax credit was signed on March 25, 2010.

Gov. Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legistraltion, into law. This bill allocates $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before December 31, 2010, will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000 in equal installments over three consecutive years - that's $3,333.33 in each of the three years after buying. Purchasers are required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

The state's previous home buyer credit program was so successful that it ran out of tax credit in four months when 10,659 California homebuyers claimed the credit. if you are interested in purchasing an home and think you qualify, please don't wait until the deadline - the funds will probably not last until then.

Federal First Time Home Buyer Tax Credit

The end of this program is APRIL 30, 2010.

Your Purchase Agreement needs to be signed by April 30, 2010 and you MUST close escrow by June 30, 2010. The income limit to claim full tax is $125,000 for single and $225,000 for married tax payers filing joint returns. A buyer qualifies if they have not owned a principal residences during the last 3 year period prior to the purchase. The max tax credit is $8,000.

Now is the time to buy to take advantage of these government tax credits. Don't delay. Missing the deadline by one day will cost you the credit. Apply with a lender you can trust. At Metlife we have great rates and reasonable qualification guidelines.

My cell phone is still 626-437-4481 and my new email is karenchiu1@gmail.com

Karen