You qualify for a Mortgage Credit if all four of
the following are met:
 |
Your are
First-Time Homebuyer
You must be a first-time homebuyer,
which is defined as someone who has not had an
ownership interest in a principal residence at
any time during the past 3 years. (EXCEPTION: This
requirement does not apply to someone purchasing
a property in a targeted area*)
|
|
The home you purchase
will be your primary (year-round) residence
|
|
Buyers "do not" exceed the Income
Limits (There
are target and non-target areas)
Find out more about targeted and
non-targeted areas here
| Size of
Household |
Maximum
Income |
| |
15%
Tax Credit
Non-Target Area |
20%
Tax Credit
Targeted Area* |
| 1-2 person(s) |
$95,160 |
$95,160 |
| 3 or more |
$109,434 |
$111,020 |
|
|
The property "does not" exceed
the following:
| Purchase Price Limits |
Non-Target
Areas |
Target
Areas |
| Existing Housing |
$637,646 |
$779,345 |
| New Construction |
$637,646 |
$779,345 |
|
* Targeted areas can be found in parts of
East and South Los Angeles, San Pedro and San Fernando Valley
.
|
|
Equal
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