Tax credit for the home buyers has given the homeowners as well as first time buyers an opportunity to purchase a new house. The $8,000 tax credit is for the first time buyers and $6,500 is for those who already own a primary residence and have plans to change it. However, before you start calculating, you should find out whether you are eligible to receive the $6,500 credit or not. The basic requirements are that you have been living in your present house for at least five out of past eight years and your total household income should be less than $125,000 for singles and $225,000 for married couples.
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