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1) The home has to be brand new, but the tax credit applies to all buyers who intend to live in the home. You do not have to be a new homebuyer to qualify.
2) There is no income limit to qualify for this tax credit.
3) You have to close escrow on the home between March 1, 2009 and Feb 28, 2010.
4) There is a total of $100 million assigned to this credit, so that means only 10000 homes will qualify. It is first come first serve by closing date.
5) You have to live in the home for at least 2 years and you will receive the $10000 in 3 installments of around $3,333 each for the next three years.
6) This tax credit can be combined with the Federal Tax credit of $8000 for new home buyers.
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For Sale: $220,000
For Sale: $345,000
For Sale: $265,000