$6500 Home Buyer Tax Credit

Feeling left out while all those first time buyers cashed in on the $8000 Home Buyer Tax Credit?  Now in addition to the extension of the $8000 tax credit for home buyers, congress is set to give move up buyers a $6500 Home Buyer Tax Credit.  This is being done as a continued effort to stimulate the housing market and stabilize real estate prices. 

Home Buyer Tax Credit Qualifications

• Buyers who want to receive a $6500 Tax Credit must have lived in their homes for the past 5 years. 

• A purchase agreement for a new home must be signed by 4/30/2010 and you must close on the property by 6/30/2010.

• Homes must cost less then $800,000 and vacation homes are not eligible.

Home Buyer Tax Credit Income Restrictions

High income earners would not be eligible for the $6500 Home Buyer Tax credit.  The tax credit is phased out if you are single earning more than $125,000 and married couples incomes above $225,000 are also penalized.

Military Extension Of The Tax Credit

If you are in the military, you can count on the tax credit being extended until 6/20/2011 if you are serving outside of the US for at least 90 days.