To qualify for the new $6,500 Move-up/Repeat Buyer Tax Credit, you must meet the following criteria:
* Repeat buyers must have owned and resided in their primary residence for 5 years out of the past 8 years. This does not have to be the last 5 years, but any 5 years out of the past 8 years.
* You do not have to buy a home that is more expensive than your current home.
* You must be in contract for your new home by April 30, 2010 and close by June 30, 2010.
* The credit is 10% of the purchase price, up to $6,500.
* To get the full credit, Income limits are $125,000 for single tax payers and $225,000 for married couples filing jointly. Income limits for partial credit are $145,000 for single tax payers and $245,000 for couples.
* Homes purchased in 2010 can be claimed on your 2009 tax return.
* The credit does not need to be repaid, as long as you own and reside in your home for 3 years.
* You don’t have to sell your current home to qualify, but you do have to use the new home as your primary residence.