What's A Move-Up Buyer?

Who knew?

The same folks who brought us Cash-for-Clunkers are currently debating the inevitable extension of the First Time Home Buyer's Credit. As part of the extension they have come up with a $6,500 tax credit for Move-up buyers. A Move-up buyer is someone who currently owns a primary home, has lived in it for 5 of the prior 8 years, and who wants to buy a new home. They must live in the 'new' home for a minimum of 3 years or the tax credit will need to be paid back.

This program, as well as the extension, is still being debated in Congress. Stay tuned! For an update on the tax credit extension and a few more details on the Move-up buyer's incentive, go to the CNBC story...Here.