Speak to your tax consultant--credit is expanded to grant up to $6,500 to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010; must be the next primary residence and current owners must have lived in the house for 5 consecutive years during the past 8 years. You will need an executed contract before May 1, 2010 and must close the deal before the end of June 2010. Income limits are the same as first time buyers. Credit can only be claimed for a primary residence bought for less than $800,000 and buyer must live in the house for 3 or more years after purchase or credit will need to be paid backâ€”check IRS Code for qualifying conditions. Again speak to your tax consultant.