First Time Buyers

California Home Tax Credit. Up to $10,000 for Homebuyers

Governor signs home tax credit bill Governor Schwarzenegger signed AB 183 on Thursday, providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes. Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and...

Buying a home? These documents are needed to make a complete offer.

Documents needed to make a good offer. Are your offers being rejected?  Here is what is needed to have a complete offer package.  If you do not have the following presented from the start, your offer will usually not be considered. Copy of the Good Faith Deposit Check.  I recommend it be more than 1% of the offer price. Copies of Bank Statements (Proof of Funds). There should be enough money in the...

What are buyer closing costs and how much are they? Buying in Orange County, CA

What are buyer closing costs and how much are they? Summary:  Closing costs are all the fees that a buyer is responsible for paying when buying a home and can range anywhere from 1% to 4% depending on the loan program selected.  Fees are higher for FHA loans. These fees DO NOT include the down payment. Closing costs are broken down into the following: Loan Fees Appraisal – this ranges from $350 to...

New IRS guidelines on obtaining first-time and repeat home buyer tax credits

The Internal Revenue Service (IRS) recently issued new guidelines and clarified documentation that taxpayers must submit to successfully obtain the federal tax credit for home buyers. KEEP THIS IN MIND • The federal tax credit for home buyers was extended and expanded late last year. Qualified first-time buyers may be eligible to receive a tax credit of up to $8,000 on homes purchased before April 30,...

FHA Loan Changes for 2010 by Aaron Zapata Prudential CA Realty

The FHA has informed us of a number of changes that are taking place this year.  We've already seen the 90-day flip rule removed, but they are increasing their fees, limiting seller contributions, raising minimum fico scores, and in some cases increasing the minimum down payment required.  Please call me or your loan officer to see how these changes might affect your specific...

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