SoMa condo bought with help of federal tax credit, loan and even dad [Northern California]
When you’re spending more than three-quarters of a million dollars on a property, $8,000 worth of income tax credit may seem minuscule.
But for Tony Jarjoura, who paid $756,500 for a two-bedroom, two-bath condo in SoMa Grand (median sale price: $568,000) in December, it was more than welcome.
As it came time for him to close on the sale of his new home, the accountant was relieved when he discovered that the federal $8,000 first-time home buyer tax credit had been extended through the end of April.
“The angle I had was: I’m not making a ton of money yet in this industry, and I don’t have a ton of cash reserves, so in relation to the down payment I had, that $8,000 was a substantial amount,” said Jarjoura.