California First Time Buyer Tax Credit

California running out of Ten Thousand Dollar tax credits. First-time home buyers wanting to take advantage of the state’s $10,000 tax credit may not have as much time as they thought they had. California set aside $100 million to help home buyers purchase new construction, hoping to get the residential-construction market going. The good news is; it worked and is helping to lure home buyers into purchasing a newly built home. However, there only is about 20 percent of the funding remaining. Call me now to buy your NEW Studio City of San Fernando Valley Home before the money runs out.

Buy a Studio City Home and get a tax credit

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence - new or resale -on or after January 1, 2009 and before December 1, 2009. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return.

First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. First time home buyer means that you have not owned a principal residence in the past three years.

I strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

Interest Rates Jump

If you're looking for a new 30-year mortgage get it cheap while you still can.
According to Bankrate.com rates on conforming 30-year loans jumped dramatically ending the week at an average of 5.27%. That's still not too bad by historic standards, but it's an increase from the 4.75% or below that was available only a few days ago.
If this continues it's bad for anyone trying to buy, refinance or sell a home. If you are trying to buy and still haven’t locked your rate now may be the time to do so: this rate hike -- to 5.25%, from 4.75% recently -- can cost an extra $50 a month for someone buying a $200,000 home with an 80% loan.