Long Time Homebuyer Credit 2010 Page

: 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 .

Here is a look at how this credit worked through a typical scenario of the time. The "Step-Up" Story: Meeting the Deadlines long time homebuyer credit 2010

: The credit was only available for homes priced under $800,000 . : They had to sign a binding contract

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: Imagine a couple in early 2010 who had

For this couple, the $6,500 acted as a "second chance" at government aid. Unlike the original 2008 credit, which was essentially an interest-free loan that had to be paid back over 15 years, the 2010 version was a . This meant if they kept the home for at least 36 months, they never had to pay it back. However, the process was notoriously complex:

: 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.