Tax credits given by state and federal government are going to be a medication to the damaged housing market?

I hope that you are aware of the two tax credits available now to people who are trying to buy a new home this year.If not,here are they:

1.the federal first time home-buyer tax credit and the ,

2.California tax credit.

The California tax credit will only be issued if you are planning to buy the home in California and are also planning to use it as your primary residence.If it is a vacation home,then you are rejected.

People who buy home in California will save 18000 dollars !!!

Because of the tax credits introduced for stimulating the housing market,people who are going to buy the home in California will be able to save 18000 dollars.But remember that the federal first time home buyer $8000 tax credit is available only until December 1,2009.

Similarly the California state tax credit will only be issued until March 1,2010.So act soon and get your new home.Remember this is the right time to become a home owner because :

1.the mortgage rates are down,

2.home prices are less and

3.the tax credits are available.

What more can you ask for ?

If you are trying to get the bad credit mortgage loans,remember to get the fixed rate mortgage and it is better to stay away from the adjustable rate mortgages – i know that they could be tempting but think again and decide.