Will California extend the $10,000 First-Time Home Buyer Tax Credit?

As reported in my blog posted on Jan 14th the California governor is considering to extend the $10,000 First-Time Home buyer Tax Credit that expired last year. Here is the link to that blog post that gives you all the details - CA Proposes extension of $10,000 First-Time Home Buyer Tax Credit. Here is the video of a recent Press Conference by the Governor on this topic:

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Shashank Shekhar

Mortgage Broker/Banker | San Jose, CA

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Comment balloon 2 commentsShashank Shekhar • March 20 2010 11:36AM

Comments

Thats right Rick! It is a good news for FTHBs; however I am not sure where would the money come from!

Posted by Shashank Shekhar, San Jose, CA Mortgage Broker/Lender (Arcus Lending) over 8 years ago
no you will not have to pay it off.but and it is a big but! banks have been trying very hard to tiehgtn up their exposures to risks, and having a equity line of credit now days is considered a risk.so the holder of second loan (equity line) may not agree for subordination,even though they are the same bank. they may also not allow you to take cash out. unless there is substantial equity exist.your best chance is going to be refinancing with the same lender,and before spending any money,you need to make certain that the line of credit holder is willing to subordinate.
Posted by Madav over 6 years ago

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