California Tax Credit and Fannie – Freddie Loan Limit Increase!
Wednesday, February 25th, 2009
***Update – 2010 California New Home Buyer Tax Credit Takes Effect 5/1/10 – Details Here***
Tax Credits
Did you hear about the new, higher, conforming loan limits?
First, the American Recovery and Reinvestment Act approved an $8,000 Federal Tax Credit for first time homebuyers.
Then, California approved a $10,000 Tax Credit for new home purchases.
Government Money!
Now, we have another benefit from the American Recovery and Reinvestment Act … a return to higher loan limits for Fannie Mae and Freddie Mac! The new loan limit amounts are going back to the 2008 levels. That means up to $697,500 for a home buyer in San Diego County and up to $500,000 in Riverside County. These new loan limits apply to all conforming loans originated in 2009! Match that new loan limit up with fantastic pricing, historically low interest rates and your buying power today is stronger than ever!
Then to sweeten the pot, California will give you a $10,000 tax credit for the purchase of a new home and the Federal Government will give you an $8,000 tax credit (subject to certain limitations and time frames.)
See your Brookfield Homes Sales Professional for more details. Let us try to match you up with the right home and the right deal.
