New Federal and State Tax Credits Make Now the Time to Buy Within the Award-Winning Villages of Irvine

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New homeshoppers get a chance to own new homes in Irvine and experience master planned community living

Tax credits give homeshoppers a chance to own a home in the Villages of Irvine

These tax credits and the higher limits on conforming loans come at a time when interest rates are at a historic low. Homeshoppers need to act quickly since there's only $100 million reserved for the California tax credit program.

New Federal and California tax credits combined with historically low interest rates and higher ceilings on FHA-insured conforming loans are making the dream of owning a new home in Irvine within the Villages of Irvine a reality for many new homeshoppers.

Available for only a limited time, Federal tax credits of up to $8,000 are being offered to qualifying first-time homebuyers who purchase primary residences between now and December 1, 2009. In addition, the State of California has allocated $100 million to fund a new "first-come, first-served" state tax credit program in which homebuyers can receive up to $10,000 in tax credits toward the purchase of newly constructed residences between now and March 1, 2010. Neither the new Federal nor State of California tax credits have to be repaid.

Plus, the Federal Housing Administration (FHA) recently increased the loan limits on conforming loans from $625,500 to $729,750 just last month, allowing more homebuyers to qualify for FHA-insured low down payment loans.

"This is great news for today's value-conscious homebuyers," said Tom Veal, vice president of Residential Marketing and Product Planning for Irvine Company Community Development. "These tax credits and the higher limits on conforming loans come at a time when interest rates are at a historic low. Homeshoppers need to act quickly since there's only $100 million reserved for the California tax credit program."

A variety of brand new homes in Irvine are now available for sale in the award-winning master planned community villages of Portola Springs and Woodbury located within the highly acclaimed Irvine Unified School District.

Learn more about the tax credits by visiting http://www.villagesofirvine.com/Buying-Your-Home/Homebuyer-Tax-Credits.aspx or by visiting any of the sales office counselors within the Villages of Irvine.

For more information about new homes in Irvine currently selling within the Villages of Irvine, please visit http://www.villagesofirvine.com/Villages-And-Residences/New-Homes-Search.aspx or contact a Villages of Irvine New Home Consultant at (888) 820-0721.

About the Irvine Company
The Irvine Company is a privately held, 140-year-old real estate planning, development and investment company best known for the master planned community designs of the Villages of Irvine, the balanced, sustainable communities it has planned and created in Orange County, Calif.

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John Christensen
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