Homebuyers Assistance Program in California

Homes for sale in Thousand Oaks, Ca can be found for all different prices, but can first time homebuyers afford them? Thats the question I am here to answer. Whether you want to buy homes in Thousand Oaks or any where else in Southern California as a first time home buyer it can be hard. First you must remember that to qualify as a first time homebuyer Borrower must be a first-time homebuyer purchasing a primary residence intended for owner-occupancy. Borrowers are considered first-time homebuyers if they have not owned and occupied a home in the past three (3) years.. There is a program that is an FHA program with CALHFA that allows you to purchase with as little as 1% down! Amazing, only 1% down and the program is CHDAP, the CHDAP offers down payment or closing cost assistance for first-time homebuyers who meet specified moderate income limits.

How The Program Works

The CHDAP provides a deferred-payment junior loan – up to 3% of the purchase price, or appraised value, whichever is less – to qualified borrowers to be used for their down payment and/or closing costs. This junior loan may be combined with a CalHFA or non-CalHFA fixed rate, first mortgage loan. A minimum contribution is required from the borrowers own funds. The contribution must be the greater of 1% of the sales price or $1,000.

Please see a CalHFA-approved lender for complete details.

This program has been around for years, but no one has taken advantage of it. So here is the program again, now go online to look for homes for sale in Thousand Oaks, or any where in Southern California.

Home Buyer Tax Credit, What Is It?

What is the $8000 tax credit?
In November, 2009, The Worker, Homeownership, and Business Assistance Act extended the previously passed tax credit of up to $8,000 for qualified first-time home buyers who purchase a principal residence. A primary or principle residence is the property or dwelling where you, as the owner, live the majority of the time.
Who are first time buyers?
Any individuals or married couples who have not bought a primary residence in the last three years qualify as first-time homebuyers for the purposes of the tax credit.
Timing:
To get the tax credit, you must close on your home purchase by April 30, 2010 and live in the home for 36 consecutive months. So, plan on staying put for at least three years. You’ll keep the money and set yourself up for potential value appreciation, in addition to other benefits, such as equity buildup and tax advantages. And if you have to move, then you’ll just repay the money.
Income:
If you file your taxes as an individual, you will qualify as long as your income does not exceed $125,000 (up to $145,000 adjusted gross income).
If you file jointly, you and your spouse will qualify as long as your combined income does not exceed $225,000 (up to $245,000 adjusted gross income).
Documentation:
Upon closing, keys and titles are transferred, and you’ll need to fill out IRS tax form 5405 and send it along with a copy of your HUD-1Settlement Statement to the IRS. Upon receipt, the IRS will review your documentation. If it’s approved, they’ll send you a check for up to $8,000 in about 60-90 days. It’s that easy. BUT, keep in mind that if you owe the IRS any money, they will take whatever you owe first and then send the remainder your way.

If you need to find a home before the tax credit ends please contact Tristan Ahumada or Steve Gould at 805-559-3364 or visit us at TristanHomes.com to search for all homes available.

Where Are Prices Going Up?

Markets Where Home Prices Could Rise Most
Money Magazine has released its latest home-price projections for the country’s largest metropolitan areas. Here are the 10 cities where it believes home prices will rise the most in the next year, and the 10 where it foresees the most substantial declines: I don’t see Conejo Valley, Ventura County, Los Angeles County, or any Socal Place Here. Foreclosures in the San Fernando Valley and Foreclosures in Ventura County are still on the rise according to C.A.R. to search for foreclosed homes please visit my website: www.TristanHomes.com

Where prices will rise:

• Santa Rosa, Calif., 6.0 percent
• Cheyenne, Wyo., 4.7 percent
• Kennewick, Wash., 4.6 percent
• Merced, Calif., 4.4 percent
• Bremerton, Wash., 4.2 percent
• Fairbanks, Alaska, 4.2 percent
• Corvallis, Ore., 4.1 percent
• Tacoma, Wash., 3.9 percent
• Anchorage, Alaska, 3.8 percent
• Bend, Ore., 3.3 percent

Where prices will decline:

• Miami, -22.5 percent
• Fort Lauderdale, Fla., -21.3 percent
• West Palm Beach, Fla., -18.5 percent
• Phoenix, -18.5 percent
• Las Vegas, -15.4 percent
• Tampa, -13.8 percent
• Pensacola, Fla., -13.6 percent
• Gainesville, Fla., -13.4 percent
• Suffolk, N.Y., -13.4 percent
• New York City, -12.9 percent

Source: Money Magazine (03/20/2010)