If you???ve been in your existing home 5 or more years, the government???s potentially giving you 6,500 reasons to move

If you have lived in your current primary residence at least five of the last eight years, you may qualify for homebuyer tax credit up to $6,500.?? To qualify, you must purchase a home between 11/7/09 ??? 4/30/10.?? You can close escrow as late as 6/30/10, but you must be in a home purchase contract dated no later than 4/30/10.?? The home purchase price cannot be over $800,000 and income restrictions do apply.?? For those filing jointly, to receive the entire $6,500 credit, you must have a modified adjusted gross income of $225,000 or less ($125,000 for individuals).?? The credit starts phasing out between $225,001 and $244,999 until it disappears at $245,000 ($145,000 for individuals).?? Additional requirements are that the buyer needs to be 18 years or older and buyer must provide the IRS a copy of buyer???s settlement statement (HUD-1 Statement) showing proof of the purchase.