California first time home buyers and purchasers of new homes will be happy to find out that while much of the country will see the home buyer tax credit end if they're not in contract by April 30th, our state has its own tax credit program that starts the next day, on May 1:
Link to the State's Page Describing the Program
This one works a little differently, in that you can't take the credit all at once like the Federal one. You get to apply the credit evenly over the first three years after you complete your purchase. This credit also doesn't apply to homeowners who already own a home and are buying a home that has previously been occupied, though existing homeowners buying a home in a recently built development where the homes have never been occupied are eligible.
This program is on a first come, first served basis, so keep that in mind. It could be worth up to $10,000 to you if you buy a home in the coming months!!
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