Homebuyer Credit 2010 | Long Time

: 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 .

: 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. long time homebuyer credit 2010

Here is a look at how this credit worked through a typical scenario of the time. The "Step-Up" Story: Meeting the Deadlines : They had to sign a binding contract

: The credit was only available for homes priced under $800,000 . The "Step-Up" Story: Meeting the Deadlines : The

In 2010, the U.S. housing market was still reeling from the 2008 recession, with home prices plummeting at nearly 20% annually. To combat this, the introduced a unique "long-time homebuyer credit" to incentivize existing homeowners to move.