Starting on November 7, 2009 and ending April 30, 2010, homebuyers that have a signed binding contract to purchase a home by April 30, 2010 may be eligible for the tax credit. The purchase must close by June 30, 2010. For first-time homebuyers, a tax credit up to $8,000 ($4000 for married filing separate), homebuyers may receive a credit of 10 percent of the purchase price up to the $8,000 tax credit amount. If you have never owned a home before or have not owned a principle residence in the last three years, you are considered a first-time homebuyer. For the existing homeowner that wishes to move up, a tax credit of up to $6,500 ($3250 married filing separate) is available for those who have lived in their current residence for at least five consecutive years out of the past eight years. The homebuyers can receive a credit up to $6,500 when they purchase a home by April 30, 2010, and close by June 30, 2010