Carpe Diem – How to get up to $18,000 in State and Federal Tax Credits for Buying a Home in San Francisco
For a very limited time, certain San Francisco first time home buyers will benefit from up to $18,000 in tax credits. Not a first time buyer? You may still be eligible for up to $16,500 in combined tax credits.
The deal is that you need to be in escrow by the end of April 2010 and close escrow by the end of June 2010. Three weeks doesn’t sound like a lot of time, does it? Yes and no. For those of you who are serious about buying a home, three weeks is enough time to catch up on the existing homes for sale and zero in on the right home for you. (It helps to work with energetic and responsive San Francisco real estate agents who will help you narrow down your search to the best homes meeting your criteria and then help you see them quickly. Yes, like us. Duh.)
Of course, the timing needs to be right for you and your situation. A tax credit alone does not mean you should buy a home! If it makes more sense to wait, then wait. But if you’ve been procrastinating and have been afraid to pull the trigger and make an offer on a house in San Francisco, maybe this extra dough in your pocket is just the incentive you need.
Zephyr Real Estate and our amazing new SF real estate website has been promoting this golden ticket opportunity but we’re not along. Check out the SFGate article on San Francisco Bay Area home buying, “Good timing could reap double tax credits.”
“Getting both: Both credits require you to buy the home as your primary residence. Both define a first-time buyer as someone who has not owned a home in the three years prior to purchase. In short, to get both credits you must be in contract on or before April 30 and close between May 1 and June 30 – and meet all other requirements.” Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/01/BU9G1CNTVN.DTL#ixzz0kiWPYQwZ
Just want the facts?
Courtesy of May Montana* and all of the great mortgage brokers at Guarantee Mortgage, here is a Matrix explaining the 2010 Home Buyer Tax Credits:
- Dolores Plaza 1 Bedroom Mission Dolores Condo for Sale -
- FHA-Approved for 3.5% Down Payment AND
- Union Bank – Approved for 10% Down Payment with NO mortgage insurance and great interest rates.
- Federal and California Home Buyer Tax Credit and other reasons it may be the right time to buy a home in SF.
* May Montana is an excellent mortgage adviser. Check out our other recommended lenders and San Francisco mortgage brokers. Why do we recommend them? Because we know they are experienced, trustworthy, reliable, competitive with rates and fees… We have NO financial relationship with mortgage brokers. That would be illegal, unethical and totally not worth it. We just like working with these folks and know you will too!