Wife and I are signing a contract tomorrow to build a new house.  The build process is suppose to take 6-8 months.  Assuming we close by July 1st, is it your oppinion that we would receive the $6,500 tax credit?

If you lived in a home continuously for 5 years out of the last 8 years then it appears that you would be eligible.   I think that it may make a difference if you are obtaining an all in one construction loan (you qualify), construction loan (don't know if you qualify) or the builder is building the home and you aren't obtaining a construction loan (you qualify) if you close by the end of June.  Wonder what others think about this?  Check with your CPA or tax advisor to be certain.