The new law extends the tax credit for first-time buyers and opens it up to some exsisiting homeowners as well: The credit is now up to $ 8,000 for first-time homebuyers and up to $ 6,500 for repeat buyers.
All buyers must have a binding contract on a house in place on or before April 30, 2010. The purchase must be for a principal residence and must close on or before June 30, 2010.
To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing home owners need to have lived in the same principal residence for five consecutive years during the eight year period that ends when the new home is purchased.
Please contact our office today at 413-664-7116 to find out how you can qualify.