Metro Atlanta, Gerogia Real Estate Market, North Georgia, REO Sales

New Tax Credit for current homeowners for $6,500.... That is a great deal!

In addition to extending the current tax credit for first homebuyers $8,000. the senators agree to this new bill. This new $6,500 Tax credit is now to include "move up buyers", in other words, people who already own a home. This is certainly going to be popular with a lot of homeowners that were holding of upgrading their home because they weren't included in the credit perviously.

So what criteria do current homeowners have to meet to get the $6,500 credit?

• The credit is available for homes that go under contract by April 30 2010 and close within 60 days after that.
• Current homeowners can claim a $6,500 credit as long as the property they are vacating has been their"primary" residence for at least five years.
• Income limits; $125,000 a year for indivduals, $225,000 a year for married couples (higher limits than before).
• Homes that cost more than $800,000 aren't eligible for the tax credit.