The $6,500 Existing Home Owner Tax Credit to Expire on May 1, 2010
Buyers who already own a home are also eligible for a tax credit on the purchase of a home. The $6,500 maximum credit will be available to existing homeowners who have lived in their current residence for five of the prior eight years. The legislation does set forth several provision including, limiting eligibility for existing homeowners to homes worth $800,000. It is important to remember that homes must have signed purchase contracts by April 30, 2010 and the sale must be closed by June 30, 2010.