Long - Time Homebuyer Credit 2010

: The credit was only available for homes priced under $800,000 .

Imagine a couple in early 2010 who had lived in their starter home for six years. They were ready for more space but hesitant to buy while the market was so volatile. The new law offered them a —a "step-up" incentive that previously only applied to first-time buyers. To qualify, they had to navigate strict federal rules: long time homebuyer credit 2010

: Their joint modified adjusted gross income (MAGI) had to be below $225,000 to receive the full credit. The Benefit and the Paperwork : The credit was only available for homes

: They had to prove they owned and used the same home as their principal residence for any consecutive 5-year period during the 8 years leading up to their new purchase. The new law offered them a —a "step-up"

: They had to sign a binding contract by April 30, 2010 , and originally close by June 30, though this was later extended to September 30, 2010 .