The $8000 tax break for first-time home buyers would require a signed purchase agreement contract, and will have a 60-day cushion beyond the end of April to complete the closing.
In addition, existing homeowners who have lived in their current residence for at least 5 years but want to relocate to a new primary residence can use a $6,500 tax credit
Income limits for both would be $125,000 for individuals and $225,000 for couples
The tax break would be offered on homes priced at $800,000 or less
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