A tax credit of up to $6,500 is now available to repeat homebuyers who qualify, as some income restrictions apply. In order to gain the credit the repeat buyer must have owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date of the new home. To take advantage of these credits, the buyer needs to have an accepted offer no later than April 30, 2010, and close no later than June 30, 2010. The home-price limit for the credit is $800,000.
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