Basic Gist of Home Buyer Tax Credit passed with Economic Stimulus Package 02.13.09

• $8000 Tax Credit – not a loan, a CREDIT
• Income limits for homebuyer are $75,000 for Single or $150,000 for Joint
• Buyer cannot have owned a home in past 3 years – this applies to a spouse too.
• It has to be for a Principal Residence Only
• If home is sold within 3 years of purchase, the credit has to be paid back at time of sale.
• Effective dates January 1 - December 1, 2009

FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
February 2009