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Latest mortgage rates, new programs for home buyers

New Tax Credit for New Home Buyers

Who gets the new tax credit?

• Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500.
• First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000.

How do you qualify?

• Buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.
• The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible.
• The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.