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I discussed a recent article in the wall street journal that casts some light on why we won’t see an federal tax extension but also stress why it’s still a good time to buy a house.

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San Franciscio Gate – Will loss of tax credit discourage home buyers?

I discuss an article in the san francisco gate about the federal home buyer tax credit expiring today.

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the following was sent to me this afternoon from the California Association of Realtors’ “Realegal newsletter”. it essentially states the funds for the first-time homebuyer tax credit won’t be around for long. if you’re sitting on the fence about buying a home, you need to read this;

The $100 million allocated for California’s first-time homebuyer tax credits may be depleted in about 10 to 20 days or sooner, according to C.A.R.’s Economics team.  California’s Franchise Tax Board (FTB) plans to begin accepting applications on May 1, 2010 for tax credits up to $10,000 for first-time homebuyers and for homes that have never been previously occupied.  However, the total tax credit allocation for all taxpayers is $100 million for first-time homebuyers and $100 million for new homes, both on a first-come, first-served basis.

C.A.R.’s forecast of 10 to 20 days to deplete the $100 million allocation for first-time home buyers is based on estimated May sales figures and other parameters.  It does not take into account the possibility that buyers scheduled to close escrow in April may delay closing until May to take advantage of the tax credit.  If a shift in closings from April to May occurs, the first-time homebuyer tax credits may be depleted even more quickly than indicated above.

Applications for the California tax credit must be faxed to the FTB after escrow closes.  The FTB will update its website when the 2010 application form and other information become available.

In this episode, i discuss an article i just recieved from california association of realtors“realegal” newsletter. they are predicting the monies for the first-time homebuyer tax credit will be gone within 10-20 days and possibly sooner. if you’re sitting on the fence about buying a home, you need to watch this now.
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THIS IS AN IMPORTANT UPDATE TO RESIDE DAILY BITE 012.

In this video,  I discussed the fact that you may qualify for BOTH the federal homebuyer tax credit and California homebuyer tax credit IF you have an accepted offer by April 30, so it is possible to potentially qualify for both tax credits for a total of $18,000 in tax credits. Be sure to consult with your tax attorney or CPA to find out if the tax credits apply to your situation.

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PLEASE SEE RESIDE DAILY BITE 013 FOR AN UPDATE ON THIS VIDEO and how you may qualify for both tax credits. In this video, I incorrectly stated that it’s not possible to qualify for both but the California Association of Realtors just released information to show how it is possible and this is covered in episode 013.

In this video, I discuss and compare the federal home buyer tax credit with the California home buyer tax credit. Be sure to consult with your tax attorney or CPA to find out if the tax credits apply to you.
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new podcast episode!

Fannie, Freddie, FHA Oh My! with David Garrett, Mortgage Banker
special guest: david garrett
listen now!