Repeat or Move-Up Home Buyer — Get Paid $6,500 to Buy a Home!!Repeat or Move-Up Home Buyer Tax Credit Eligibility Requirements:
- Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years and purchase a replacement primary home.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Applies to homes priced at $800,000 or less.
- The tax credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies for the tax credit provided the sale is completed (closed) by June 30, 2010.
- Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
- You are buying a home today that doesn’t have inflated equity
- You don’t have to sell your current home to qualify for the Tax Credit (although you would need to qualify for both house payments, if applicable)
- You have sellers willing to pay your closing costs and possibly buy-down already great interest rates
- You are in the first true “Buyers” Market in nearly 8 years and have the largest selection of homes in 15 years
- The current downturn in house pricing as well as low interest rates could allow you to buy homes in neighborhoods that were out of reach two years ago