Definitive information regarding the tax credit is as follows:  You must have a contract in place by the end of April, and the best advice I can give you is to consult a Realtor now about qualification criteria and options in your area. Repeat buyers do not have to sell their existing home, but all buyers must occupy the property they purchase as a primary residence to qualify for the tax credit. Buyers who have a contract in place by April 30, 2010, have until June 30, 2010, to finalize the transaction to get a credit of up to $8,000 for first-time buyers and $6,500 for repeat buyers.