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
This is a timely home buyer tax credit article very useful amongst home buyers across the country. Great post Gabrielle. Keep it up!
Thanks, Jeff! I’m hoping we see significant use of this one!