I’ve been working with a lot of first time home buyers and many of them asked me about the first time home buyer tax credit.
To be qualified for the tax credit.
1. You have to be a first time home buyer (not owning properties in the past 3 years)
2. Escrow must be closed by November 30th, 2009
3. Purchaser has a income restriction of up to 75,000 (single) and 150,000 (married)
Please note that this tax incentive is different than the CA New Home Tax Credit and does not need to be paid back.