Homebuyer Tax Credits May Pick Up Where Federal Program Left Off

Financially-savvy consumers hoping to save money on their mortgage loans may use their strong

credit report

in order to obtain the lowest interest rates.

They may also take advantage of tax

credits

offered through federal and state governments as well as private mortgage companies. Coldwell Banker Residential Brokerage may be the most recent of these offerings. The Coldwell Banker Buyer Sales Event provide a credit equal to 3 percent of a property's sale price, or up to $8,000 in relief, according to a release from the company.

Those interested in this credit will have to sign on a deal between May 1 and July 31, but will not face a deadline for closing on their deal. Because the program does not have an income cap, the event may encourage greater participation than its federal counterpart, according to the company's president and CEO Jim Gillespie.

"As the credit expires, Coldwell Banker Real Estate is encouraging buyers who havent found a home yet to continue looking, while bringing a new audience of home buyers who were unable to qualify for the tax credit into the market," Gillespie said in a statement. "We are confident that this private sector solution will represent a significant step toward continued recovery of the housing market."

California Governor Arnold Schwarzenegger recently signed a bill extending a similar tax credit to residents in his state.

Starting May 1, qualified first-time homebuyer and individuals moving into new homes will be able to receive up to $10,000 in tax relief, according to a recent release from state housing officials. they will be required to remain within the property for a minimum of two years and must be eligible for California's homeowner tax exemption.

"It is time to go shopping," Jeff Davi, real estate commissioner for California, said. "Any first-time homebuyer or those interested in buying a newly constructed home that is sitting on the fence, I would encourage them to take the leap."

Relief will be available on a first-come, first-served basis and will draw from $200 million in state funds allocated for the program.

The federal homebuyer tax credit is available for repeat and first-time purchasers who sign on a deal by April 30 and close by the end of June. First-time buyers may receive up to $8,000 in relief while repeat purchasers have access to up to $6,500.

by: Krystle Chelsea Chan

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