March 25- CA. Govenor just signed a $200M bill to credit first time homebuyers 5% or $10,000 on purchases of new or used homes. Cotracts must be signed May 1 through Dec. 31 2010 and escrow must close by August 2011. The credit will be split over 3 years and the buyer must live in the home for 2 years or return the money to the state.
Great idea to keep homebuyers in the market since the Federal credit of $8000 is expiring... however, I am wondering where a bankrupt state comes up with the $200M
Deb Espinoza GRI, ABR, ePro, SFR, CNE
Stage Presence Homes
DebSDRealEstatePro@gmail.com
Debbie, Good question about how we are going to pay for this new credit. I have been wondering the same thing today.