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Existing homeowners can claim a tax credit too, but you'll need to act fast!
This past November, Congress expanded the first-time home buyer tax credit to repeat buyers.  As a result, current homeowners who will have lived in their home for 5 consecutive years out of the last 8 may now be eligible to receive a $6,500 tax credit.
Today’s affordable housing prices, historically low interest rates and federal home buyer tax credit have combined to create one of the most attractive first-time buyer markets in recent memory.
What you might not realize is that a recent expansion of the tax credit has created an equally desirable opportunity for existing homeowners!
To qualify for the tax credit as a repeat buyer, you must have signed a purchase contract by April 30, 2010 and close on the home by June 30, 2010. Tax credit eligibility is subject to income limits, $125,000 for single buyers and $225,000 for couples. The purchase price of your new home can not exceed $800,000.
There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. In fact, you don't need to currently be living in that home, or even still own it!
I am working with a couple right now who ... more

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