Buy a bigger home in Las Vegas, NV and you may be eligible for the government's new "Move-Up" $6,500 tax credit!  That's right, last week President Obama signed into law not only an extension of the $8,000 tax credit for first time homebuyers, but also added a provision for current homeowners looking to "move-up" to a different home.   

The guidlines are as follows:

• Homeowners who have resided in their previous residence for at least FIVE consecutive years out of the past eight
• You must enter into a valid contract to purchase a home between Nov. 7th, 2009 and April 30th, 2010 and it must close by July 1st, 2010
• You may keep your current residence as an investment property, second home, etc. but will have to credit quailfy with both mortgage payments
• The home being purchased cannot be more than $800,000
• You cannot make more than $145,000/year individually or $245,000 combined (NOTE:  the credit will be less than $6,500 for those with incomes over $125,000 individually or $225,000 combined)
• Your tax credit will be $6,500 or 10% of the puchase price WHICHEVER IS LESS
• If you sell the home within three years or the purchase date, you must pay back the tax credit at the close of escrow,.
• The credit will ONLY apply to primary residences--either Single Family, condos, townhomes, or co-ops

It's nice to see current homeowners being able to take advantage of the tax credit free-for-all.  If you have any questions or would like more information, please feel free to contact me.  My cell phone is 702-379-0379.  Happy House Hunting!