Today, we share our last installment of answers for commonly-asked questions about the newly expanded and extended tax credit. Once again, Judy Hearst, Regional Vice President for Coldwell Banker Residential Brokerage’s Southeast Wisconsin Region, lends her expertise to help clear up some of these questions:
Question: I heard, in order to qualify for the existing homeowner credit, the new home you’re purchasing must cost more than the home you currently own. Is this true?
Judy Hearst: Actually, this is not true. As long as you’ve lived in the home you currently own for five straight years out of the past eight, and as long as the new home costs $800,000 or under, you would still qualify for the $6,500 tax credit.
Read more answers after the jump! (more…)