GREAT Kern Homes

$8000 / $6500 Buyer's Credit


 

Home Buyer's Credit

$8000. First Time Buyer's Credit - This credit has been extended into 2010 and this is expected to be the last extension. With interest rates at an all time low, property inventories still way up and the extension of the federal credit, there is no better time time to explore the opportunity of home ownership. Here are the basic requirements to qualify for this credit.

  1. Must be a "First Time" home buyer defined as someone who has not owned a home in the last 3 years.
  2. Home purchase must be less than $800,000.
  3. Buyer's individual income cannot exceed $125,000. or $225,000 joint income.
  4. Buyer's contract must be submitted by April 30, 2010 and close escrow by June 30, 2010.
  5. New home must be principle residence.

 

$6500. Home Buyer's Credit - This credit has been added to the program and provides a credit to existing home buyers that are buying another home. Here are the basic requirements to qualify for this credit.

  1. Must have lived in current residence for the last 5 consecutive years.
  2. Home purchase must be less than $800,000.
  3. Buyer's individual income cannot exceed $125,000. or $225,000 joint income.
  4. Buyer's contract must be submitted by April 30, 2010 and close escrow by June 30, 2010.
  5. New home must be principle residence.

 

Military Extension - This provision extends this credit until April 30, 2011 when the buyer is deployed overseas a minimum of 90 days.

 

 

 

 

 

 

 

 

 

 

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John A. Gonsalves