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Federal Tax Credit Program Encourages Homeshoppers to Buy a New Home in the Villages of Irvine

A newly expanded Federal tax credit program, extended for a limited time, combined with historically low interest rates and the upcoming debut of The 2010 New Home Collection, makes now a great time to buy a new home within the Villages of Irvine® for both first-time and move-up buyers.

The existing Federal tax credit program of up to $8,000 for first-time buyers has been extended beyond its current expiration date of December 1, 2009, but only for a few months. In addition, the same program has been expanded beyond first-time homebuyers to include up to $6,500 in tax credits to existing homeowners who have owned their homes at least five years.

In order to qualify for the Federal tax credits, buyers must sign home purchase agreements by April 30, 2010, and take possession of the homes by June 30, 2010. Additionally, the income eligibility limits to claim the full credit amounts for both groups of homebuyers have been raised to $125,000 for individuals and $225,000 for married couples.

“The newly expanded Federal tax credit program provides a larger group of homebuyers with the opportunity to make a new home purchase,” said Tom Veal, vice president of Residential Marketing and Product Planning for Irvine Company Community Development. “Plus, now that The New Home Collection is preparing to debut in January, homebuyers can enjoy the benefits of the tax credits, making this a great time to buy a new home and enjoy all the advantages of living in the Villages of Irvine®.”

Armed with this new buying power, savvy buyers can now enjoy a variety of brand new homes in Irvine within the Villages of Irvine® that are available for sale. The 2010 New Home Collection, opening in January, will showcase 25 floorplans from six different homebuilders and will be situated throughout eight neighborhoods in the villages of Woodbury, and Woodbury East, both of which are part of the acclaimed Villages of Irvine®. Prices for the new homes within The 2010 New Home Collection are expected to start in the low $300,000s.

Due to the incredible response among homeshoppers for The 2010 New Home Collection at Woodbury and Woodbury East, the Villages of Irvine will offer priority registration starting December 3, 2009 at 10 a.m. in order to make the process of buying a new home easier than ever. Homeshoppers are encouraged to review the details on the simple four-step priority registration program designed for the new homes within The 2010 New Home Collection by visiting www.VillagesofIrvine.com/Buying-Your-Home/Overview.

For more information about new homes in Irvine currently selling within the Villages of Irvine®, or for more information on the Federal tax program, please visit www.VillagesofIrvine.com or contact a Villages of Irvine New Home Consultant at (866) 627-6150.

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, California.