From a local mortgage broker I work with:

 

You probably heard about it already but in case you didn’t, here are the details.

 

1)      $10.000 tax credit for any NEW DEVELOPMENT purchase between March 1^st 2009 and March 1^st, 2010

2)      Has to be PRIMARY RESIDENCE

3)      Has to be NEVER BEEN OCCUPIED BEFORE

4)      Application has to be received within ONE WEEK after close of escrow

5)      Taxpayer has to occupy home for a minimum of TWO YEARS

6)      Be a single-family residence (attached or detached) – yes, condos count and so do house boats 

 

Here is the official link to the program

http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml#def2

 

You can also see how many people have applied already (711) and how much is left in the tax credit (maximum of 100M allowed – $7M has already been allocated).

 

As always, if you are interested in finding out more or have any other mortgage related questions, please do not hesitate to call or e-mail. 

 

Sergei Andruha
Mortgage ConsultantGuarantee Mortgage Corp.

Direct:    415.309.0157

Fax:       415.520.6600

www.gmwest.com