A new $6500 long-time home buyer credit is available for home buyers who have owned a principal home for 5 years and now is upgrading. Contract before April 30, 2010. Income limits are the same as above.
To claim the credit, a copy of Form HUD-1, settlement statement are required. For new construction, if settlement statement is not available, a certificate of occupancy is required. For long-time home buyers, in addition to above documents, mortgage statement/property tax documents/home insurance etc showing 5 years consecutive residence are required.
To be considered as first-time buyer, you either never owned a home as principle residence or didnot have a principle residence during the last 3 years.
