Amount of Tax Credit

Up to Maximum Amount of  $8,000

For First-Time Homebuyers

(10% of the Purchase Price)

Up to Maximum Amount of

$6,500

For Repeat Buyers

(10% of the Purchase Price)

Eligibility

Qualifying Homebuyers that have NOT owned a principal residence in the last three years.

Qualifying Homebuyers who have used the home that sold or is being sold as their primary residence consecutively for five of the previous eight years.

Income Limits

$125,000 For Single Taxpayers.

$225,000 For Joint Taxpayers.

Purchase Price Limits

$800,000 Maximum for both First-Time and Repeat / Move-Up Buyers.

No Repayment Required

The tax credit does not have to be repaid, BUT Homebuyers must maintain the new homes as principal residence for at least THREE YEARS or face recapture of the tax credit amount.

Military Personnel

Military personnel deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2001 to claim the tax credit.

Limited Time Only

Qualifying Homebuyers must have a signed purchase contract in effect by April 30,2010 and must close the transaction on or before

June 30,2010.