• The tax credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies, provided it is closed by June 30, 2010.
                            • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
                            • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
                            • The tax credit applies only to homes priced at $800,000 or less.

$8,000 First-Time Home Buyer

      • To be eligible to claim the $8,000 tax credit, the buyer must not have owned a principal residence during the three-year period prior to the purchase.
      • The tax credit is equal to 10% of the home’s purchase price, up to a maximum of $8,000.

$6,500 Move-Up / Repeat Buyer

      • To be eligible to claim the $6,500 tax credit, the buyer must have owned and lived in their previous home for five consecutive years out of the last eight years.
      • The tax credit is equal to 10% of the home’s purchase price, up to a maximum of $6,500.