The Federal First Time Homebuyer Tax Credit has lapsed, but you may still qualify for California's First Time Homebuyer Tax Credit. This is a non-refundable tax credit of up to $10,000. It has the potential to reduce your taxes by up to $3,333 per year over the next three years. It is also available to those purchasing a newly constructed home whether or not they are "first-time homebuyers". Feel free to give me a call for more information.