$6,500 Repeat Home Buyer Tax Credit

If you’ve been sitting on the fence, now is the time to consider buying up! 

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.   First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.  "This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.  The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.