Tony follows up on offering more information for the new California Tax Credit for first time and new home buyers that was just signed into law. The tax credit starts May 1st, and consists of a 5% credit up to $10,000. The Governor announced that 100 million dollars would be set aside for first time first time home buyers, and 100 million would be set aside for new home buyers. Buyers must be in the homes by December 31st, but have until August of next year to close Escrow. Buyers must also live in the home for at least two years or else they are obligated to pay back the tax. For further information contact the Hunthausen Group for Huntington Beach and surrounding areas.