Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal
residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit.
This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.
Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples
up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. The credit decreases for buyers who earn
between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the
tax credit decreases as his/her income approaches the maximum limit. Buyers earning more than the maximum are not eligible for the credit.
If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.