Questions about the current tax credit???

http://www.ftb.ca.gov/individuals/new_home_credit.shtml


I hope this helps answer 99.9% of your questions.  Good luck!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 19 2010 - US
We think we've answered this question for you!
 
 

Replies (21)

Profile picture for sunnyview
No. Your post answers nothing. You want to make it sound like people should think this is important information that applies to them. This credit only applies to buyers already in escrow by the old April 30 buyers credit deadline. 

"One thing to clarify – this bill does not extend the deadline for home buyers to sign a contract for a home and hence qualify for the tax credit (still April 30th); rather it extends the deadline for closing the transaction, from June 30 to Sept.30."

If people want more, the IRS has more info on the extension here including form 5405 needed to claim it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
Profile picture for Pasadenan
The "current" tax credit is that offered by the States, such as California.  You should have linked the state websites that give info about it, such as:
ftb.ca.gov - Home Credit

Another NARcissist just serving themselves while keeping their eyes closed to actual market conditions.

(And the agent is in California too, so the agent is really clueless to not be pointing out what is actually available in his state).

Besides, that agent already posted garbage about the federal extension for taking 5 months to close escrow, and his slum-lord rental properties in Texas and southern California.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
Profile picture for Pasadenan
I'm assuming that you are stating that you are a Christian on your profile, though most people would capitalize the word "lord" if that is what they meant, thus perhaps your "lord" is either money or your ego?

But, if you want to be a disciple of Jesus, perhaps some references might be of some use?

Words of Jesus revealed to John
in the Revelation on the island of Patmos:
"So you also have those holding to the teaching of the Nicolaitans, which thing I hate".  (Rev 2.15).

Words of Jesus as recorded by Dr Luke:
"If anyone comes to me and does not hate his father and mother and wife and children and brothers and sisters and even his own life, he cannot be my disciple". (Lk 14.26)

"One thing is lacking in you: sell all, as much as you have, and give it to the poor, and you will have treasure in heaven.  Then come follow me".  (Lk 18.22)

"So then every one of you who does not abandon all his possessions is not able to be My disciple." (Lk 3.14)

Words of Jesus as recorded by Mathew the tax collector (one of the 12):
"If you desire to be perfect, go sell your property and give to it to the poor, and you will have treasure in Heaven; and come, follow Me." (Mt 19.21)

"Woe to you, scribes and Pharisees, hypocrites! For you go about the sea and the dry [land] to make one proselyte; and when he has become so, you make him twofold more a son of Hell than yourselves." (Mt 23.15)

Words of King Solomon, the supposed "wised man in the world":
"I have seen all the works done under the sun, and behold it is all vanity and a chasing after the wind" (Ec 1.14; Ec 2.11)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
Profile picture for wetdawgs
hee hee, that answers many questions!  lord have mercy!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
If you search around there are also municipalities that may may offerr tax credits.  Last October Chicago Heights, IL offered up to $10,000 while funds last.
[link removed by moderator]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
Profile picture for Pasadenan
"lord have mercy!" -

Which lord, the "slum-lord"?

The mercy of God is mentioned 397 times in the Koran, in 369 verses.

On a percentage basis, that is much more than the Bible. (365 verses).
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
Profile picture for klarek the realist
"If you search around there are also municipalities that may may offerr tax credits."

I would hate to live in an area that did that.  What a waste of taxpayer dollars.  Of course, as a citizen, I had to endure the GOD AWFUL national tax credit.  Thankfully that's gone.  It was proven to be economically destructive now the the market is tanking again and those idiots that fell for the bribe are going to be underwater soon.  But don't let that stop you NARbots from cheering on the massive amount of stupidity.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010

It is correct that the extension on the tax credit only applies to those who had a home already under contract by the deadline of April 30, 2010.

This is allowing the short sales and foreclosured homes that could not meet the deadline due to reasons out of the buyers control to still get their credit.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 20 2010
If you are in the armed services, an eligible vet or retired from the foreign service you still have until April 2011 to purchase a home for the tax credit. Everyone else who did not go into contract by April 30 2010 is out of luck.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
only applies to CA
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
Profile picture for byanka
this really helps
thank you for the link
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
Profile picture for workabee
Let's all thank Eric for sharing. Thank you Eric.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 22 2010
Profile picture for Pasadenan
"If you search around there are also municipalities that may may offer tax credits" -

City and county taxes are usually not high enough to make such a "credit" worth very much.

But cities do participate in numerous HUD programs.  In California, it is MANDATORY (by state law) for the local governments (counties and cities) to participate in "affordable housing programs"; which doesn't make ANYTHING "affordable", it only means "government subsidized" and "government controlled".  These programs are usually available for households with less than 120% of the local Metropolitan Statistical Area Median income, adjusted for household size.

So, if your income is in the Median to lower range, you should at least check with your local housing department office to see what programs they offer that you might qualify for, and to see if there are waiting lists, and to see if only certain neighborhoods are targeted for such programs.

If there is an "inclusionary housing ordinance", then for new construction, some new units will be subsidized by the buyers/occupants of the neighboring units.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for Pasadenan
"only applies to CA" -

Other states replaced the federal incentive with their own incentive; such as Texas is using bond money loaned to first time buyers at no interest with no payments required for multiple years.
Texas first time buyer program

Texas down payment assistance program
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for SoCal_Engr
@ Pasa - In my area, I thought the "affordable housing" was subsidized by us schmucks that bought into the new developments. The units themselves are controlled by the local government, but it was the developer's choice to include "affordable housing units" or pay some fee/penalty. Of course, the costs for these units were bundled into the cost for the rest of the units.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for Pasadenan
That is an "inclusionary housing ordinance", and yes, as state legislation states you can't concentrate all the "low income housing" in one area (anymore), many cities have passed inclusionary housing ordinances to try to spread out the low income housing and still meet the State mandate of "subsidized housing".

But there are matching funds available, as well as zoning/design standard "exemptions", so even though mostly the purchasers of units in the development are subsidizing, they are not the only ones doing the subsidy.

And for those "set aside" fees, you know they will be used for another HUD development project, with densities up to 50% higher than typically allowed by the zoning code (and reduced setbacks...), simply because state law says you have to allow it.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for Pasadenan
(Can you tell that I'm still not happy about the city allowing a development at 72 units per acre on a property that was zoned for 16 units per acre?  Yes, all the units are occupied, with the typical renter paying less than $200 per month due to the subsidies, and yes, they needed a place to live, and yes, the present use is better than the previous use, and the new structure is better than a lot of new developments; but that is no reason to do illegal spot zoning and bend the building and zoning code laws...)
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for sunnyview
Let's see. 5 discussion contributions from this "super star agent" total with 6 thumbs up. It seems that the overwhelming approval magically appeared on both threads along with the newly created "byanka" profile. 

I am grateful that there have been no more posts about the expired tax credit, but I am a bit offended that "someone" feels that the board is stupid enough to believe that these posts garnered a 120% thumbs up rating. Coincidence. I think not.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for sunnyview
Post real information and you will get real thumbs up.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for Pasadenan
I hadn't noticed it earlier, but the reference he gave in the original post is to the California website for the California tax credit, not the federal extension to close escrow in 5 months.

As for Byanka, I though she was thanking me for my link, since the original post did not have it in a link format..., but I agree, I don't think it is a real consumer.  I only find one Byanka in all of the western states.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
Profile picture for Mr Caveat
I am a bit offended that "someone" feels that the board is stupid enough to believe that these fluff posts garnered a 120% thumbs up rating. If you post real information, you will get real thumbs up. 

i have one thousand, six-hundred and ten MORE thumbs up ratings, than "someone"... and, i didn't give myself one of them!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 23 2010
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Stay away from iMortgage
Profile picture for sam sporty
Latest reply by sam sporty
4 days ago | 24 answers
Bypass the Buyers Agent and Win!!!
Profile picture for glenviewjeff
Latest reply by glenviewjeff
5 days ago | 74 answers
Seller refusing to return earnest money
Profile picture for Aaron Bell
Latest reply by Aaron Bell
April 04 | 14 answers
First time homebuyer- need to find a realtor
Profile picture for Samuel Faith
Latest reply by Samuel Faith
April 03 | 15 answers
What's the best way for a group of home owners to purchase a plot of land?
Profile picture for Dorene Slavitz
Latest reply by Dorene Slavitz
March 15 | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.