Time frame to buy?
By December 1, 2009

First-time home buyer?
A buyer who has not owned a home for three years.

Married first-time buyer?
Both buyers have not owned a home for three years.

Claim tax credit?
Claim the tax credit on your federal income tax return.

Other form(s)?
No other form(s) except your federal income tax return.

Credit limits?
Single $75,000 – Married $150,000

Building a home?
You qualify, but you have to occupy the home by December 1, 2009.

Buying a new home?
You qualify, but the settlement day has to be by December 1, 2009.

Tax credit pay back?
You are not required to repay except for certain conditions.

Access the tax credit now?
Change your withholding numbers.

Mortgage Revenue Bonds?
Allow tax credit home buyers to participate.

Loan Credit?
State housing finance agencies to help buyers at closing by advancing the credit amount as a loan.

Payback provisions?
It is a true credit. It does not have to be repaid. The only repayment requirement is if the home owner sells the home within three years of purchase.

Income above limits?
Single $75,000 - $95,000
Married $150,000 - $170,000
Are eligible to receive a partial tax credit.

Income max?
Single $95,000
Married $170,000
Exceeds the modified adjusted gross income

Tax credit refundable?
If you pay less then $8,000 in federal income taxes, the government will write you a check for the difference