FIRST-TIME HOMEBUYER

REPEAT/MOVE-UP BUYER

AMOUNT OF TAX CREDIT

Up to $8,000 (10% of the purchase price, up to a maximum of $8,000).

Up to $6,500 (10% of the purchase price, up to a maximum of $6,500).

ELIGIBILITY

Qualifying homebuyers have not owned a principal residence in the last three years.

Qualifying homebuyers have used the home sold or being sold as their primary residence consecutively for 5 years of the previous 8 years.

INCOME LIMITS

$125,000 for single taxpayers;
$225,000 for joint taxpayers.

$125,000 for single taxpayers;
 $225,000 for joint taxpayers.

PURCHASE PRICE LIMITS

$800,000 maximum

$800,000 maximum

NO REPAYMENT REQUIRED

The tax credit does not have to be repaid, but homebuyers must maintain the new home as their principal residence for at least three years or face recapture of the tax credit amount.

The tax credit does not have to be repaid, but homebuyers must maintain the new home as their 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 have until April 30, 2011 to claim the tax credit.

Military personnel deployed overseas for a minimum of 90 days in 2008 or 2009 have until April 30, 2011 to claim the tax credit.

LIMITED TIME ONLY

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

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