First-time homebuyers who purchase after (November 6, 2009) and before April 30, 2010, are eligible for the extended $8,000 tax credit. (The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.)
In addition, current homeowners purchasing a new principal residence after (November 6, 2009) and before April 30, 2010, who have used the home being sold or vacated as a principal residence for at least five consecutive years will receive a $6,500 credit so long as a written contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close on the home.
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