Homebuyers in California have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010 and close escrow by June 30, 2010.
Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes , and they purchase properties that have never been previously occupied as provided under California law.
Of course their are rules and requirements so we suggest you see your tax accountant to make sure you do everything “by the book”. In the mean time, call me and… Let’s go find a house