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For a California First Time Homebuyer, if you time it right, and get into escrow on or before 04/30/2010 and close escrow between 05/01/2010 and 06/30/2010; you can get up to $18,000 Tax Credit.

How so, you asked ....

As a first time homebuyer, if you get into escrow on or before 04/30/2010, and close escrow before 06/30/2010; you get up to $8,000 tax credit from the federal government.  This credit can be applied to (or amended on) your 2009 Tax filing. 

For CA residences, Governor Schwarzenegger just signed into law that if you buy your first home and close escrow on or after 05/01/2010 and before 12/31/2010; you can get up to $10,000 tax credit back from CA.  This credit can be spread over 3 years.

So, if you time it right, as a first time home buyer, you can get up to $18,000 combined credit back from federal and CA.

Check with your Realtor and ask her to help you find the right home and use good strategy to help you get into escrow and close on the house within the time frame provided above!

Good luck and enjoy your new home and the extra cash back!