- First-time homebuyers, or those who have not owned a home in the last three years, can receive up to an $8,000 tax credit.
- Homeowners living in their current home consecutively for at least five of the last eight years can receive a credit of up to $6,500. This group's property must be under $800,000. Look for the term "move up buyer" when you do your research.
- All qualified, future homebuyers should get busy to take advantage of this. Get a written, binding contract by April 30th (which is when the tax credit expires) and close no later than June 30th.
- The income cap has been raised to $125,000 for singles and $225,000 for married.
For additional information, be sure to click the link in the first paragraph and view the video.
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