I haven’t been entirely comfortable with the amount of detail out there about the tax credit extension/expansion. So I decided to call the IRS today about 2 issues, specifically regarding existing homeowners:
— I confirmed that an existing homeowner needs to have lived in the SAME home for 5 consecutive years out of the last 8.
— Existing homeowner’s can close on a new home anytime between November 6, 2009 and June 30, 2010, as long as they’re under contract by April 30, 2010.
Remember that there are also increased income limits. If you have any questions, don’t hesitate to call me.