The Quintana Family and Their New Custom Dream Home in Bakersfield, CA

 Last week we were given the opportunity to spend some time with the Quintana family. This young couple has some seriously cool style and design tastes (check out the blue front door and the "I love bacon" sign in the kitchen).

Thank you so much for inviting us into your home and for all your kind words about your John Balfanz Homes experience.

Video coming soon.

California State Tax Credit

In April, Governor Schwarzenegger signed AB 183, providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. C.A.R. supported this important legislation since its inception.

The tax credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010.

It looks as though this will be the last tax credit for home buyers for a while. This is a new beginning. Real estate is healthier and stronger than it was in 2008 and it is time for it to stand on its own. This is the time to build the home you love in a neighborhood you want. Dont wait!

Tax Credits for most buyers until April 30, 2010

$8,000 First-time Home Buyer Tax Credit at a Glance

· The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.tax c
· The tax credit applies only to homes priced at $800,000 or less.
· The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
· For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
· For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

· To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
· The tax credit does not have to be repaid.
· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
· The tax credit applies only to homes priced at $800,000 or less.
· The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
· Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

http://www.federalhousingtaxcredit.com/home.html