DreamTeam-Jo Cel Perez & Hector Gamez

First-time Homebuyers

• Tax credit up to $8,000
• Deadline extended until April 30, 2010. Plus, if a contract is signed before May 1, 2010 there will be 60 days to close on the home.
• Buyers that have not owned a home in the last 3 years.
• Purchases in 2010 can be claimed on 2009 tax return.
• Income limits increased to $125,000 on a single return and $225,000 on a joint return, up from $75,000 & $150,000.

Step-up Buyers

• Tax credit up to $6,500
• Purchases between December 1, 2009 and May 1, 2010. The same opportunity to close within 60 days applies.
• Buyers that have owned the same home for 5 consecutive of the last 8 years.
• Purchases in 2010 can be claimed on 2009 tax return.

Income limits are also $125,000 on a single return and $225,000 on a joint return. 

Calif. median home price - September 09: $296,090 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 09: Santa Barbara So. Coast $750,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 09: High Desert $117,820 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index – Second Quarter 2009: 67 percent (Source: C.A.R.)
Mortgage rates – week ending 10/29/09 30-yr. fixed: 5.03% Fees/points: 0.7% 15-yr. fixed: 4.46% Fees/points: 0.6% 1-yr. adjustable: 4.57% Fees/points: 0.6% (Source: Freddie Mac)

President Obama signed a congressional resolution late Friday to extend the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas through 2010.