New $6,500 Tax Credit

The new property owner tax credit is for people who have lived in their home for the last 5 years.  The credit is for 10% of the purchse price of your new home.  Example:  Buy a $225,000 home and get a $2,250 credit.  The credit will be in the form of  a check from your tax return. 

First time buyer tax credits are for 10% on the purchse price.  $8,000 is the maximum a buyer can receive.  The maximum income amount is $125,000 for single people and $250,000 for married couples.