Can you use $6,500?

Are you aware that you don’t have to be a first time home-buyer to benefit from the current tax credit program offered by the federal government? In addition to extending the first time home buyer tax credit until the end of April, there is now a credit available to move-up or repeat home buyers in this same time frame for 10% of the purchase price up to a maximum of $6500.

Those who are eligible must have owned and resided in the same home for at least FIVE of the previous EIGHT years. Repeat home buyers do not have to purchase a home that is more expensive than their previous home in order to qualify.

Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. You can even build a new home and have the credit applied.

For more specifics, click here.