Congress has extended and expanded the homebuyer tax credit. This tax credit is for first-time homebuyers and existing homeowners!
There is also a tax credit repeat Buyers; someone who is not a first-time home Buyer. The tax credit for the repeat Buyer is $6,500. A current homeowner who has lived 5 consecutive years out of the last 8 in their current home is eligible.
There is no requirement that the repeat Buyer sell their current home or that the new home has to be of a higher value than the current home.
To qualify for the tax credit, Buyers must have a written, signed binding contract in effect by April 30, 2010 and close on the home by June 30, 2010.
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