Lynne Pope is your Realtor in Hermosa Beach, Manhattan Beach and Redondo Beach

Got to love Saturday night live, because we live in California we spend about 10 times more for a house and sometimes have jobs that allow us to pay that mortgage. The Government has not really figured out the State of California and NY and a few other places don’t fit the “one size fits all ” regime of thought.

The first time home buyer credit did help one of my buyers this year! Hooray.

It was almost a miracle. Getting the right home in escrow and closing in the timeframe.  Now with the new tax credit…it could help others.

However…see if it “Fits” your income.

“The first-time homebuyer tax credit may be restricted by the taxpayer¢â‚¬â„¢s income.  The tax credit starts to phase out for an individual taxpayer with a modified adjusted gross income from $75,001 to $95,000 (or $150,001 to $170,000 for joint filers).  The tax credit is eliminated entirely if an individual¢â‚¬â„¢s modified adjusted gross income is over $95,000 (or $170,000 for joint filers).  (26 U.S.C. § 36(b)(2″

Soon I will add a page from NAR that shows the way the formula could work if you fit the income formula. Your lender and tax people will have to get involved with you to actually work out all the facts. Your realtor can help get you all you need on the house, the time frame and keep the ball in the air till your people measure your exact profile to see if it works.