$8,000 & $6,500 tax credits San Francisco buyers might be able to use

San Francisco home buyers have a much better chance of using the Home Buyer Tax Credits.

Income levels for the original $8,000 home buyer tax credit was $75,000 for a single person and $150,000 for joint filers. Those may be spectacular incomes in 90% of the country, but in places like San Francisco and New York City they barely make ends meet, let alone purchase a starter 1 bedroom condo in a neighborhood like Cow Hollow of Noe Valley.

But with both the House and Senate passing an extension of the tax credit that was to expire November 30th to April 30th 2010, they also increased the income limits to $125,000 (single) and $225,000 (joint). Of course the max home price is $800,000 which is only slightly above San Francisco's average home price. $800,000 buyers you a fantastic 1 bedroom Condo, or a small or "flawed" 2 bedroom condo (lack of parking for example) in neighborhoods like Pacific Heights, Cow Hollow, Russian Hill and even Noe Valley and Cole Valley. $800,000 however does get you a Single Family home in many other neighborhoods like the outer Richmond, the Sunset, even Glen Park or a "fixer" in Noe Valley.

San Francisco home buyers have until April 30, 2010 to enter into a contract to purchase via a 60 day extension.

The bill also provides a new existing homeowner credit - if you've lived in your current home for 5+ years you qualify for a $6,500 credit on a new purchase (there probably won't be a lot of San Francisco trade-ups to $800,000 since that's often a beginner condo/home in many San Francisco neighborhoods).

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