This is a reminder that not only first time home buyers (or those who have not purchased a home in the last 3 years) are eligible for the home buyers’ tax credit. For the purchase of homes 800K or under all buyers are eligible if you are an existing homeowner who has owned your home for 5 out of the last 8 years and are purchasing a new principal residence. The new home can be a lower price than your existing home. It is not a requirement to sell your present residence to qualify for this tax credit. The income limits for a single person are 125K and for joint filers 225K. The tax credit is $6,500, but you must act quickly because you must have a ratified contract by April 30th and close escrow by the end of June. The first time-home buyers credit has different qualifications and offers up to 8K tax credit.