- The guidelines stay pretty much the same. The maximum tax credit remains $8,000($4,000 for married filling separately) and anyone who has not owned a house during the last three years.
- Purchase a home by Apri 30,2010
- Contract must close by June 30,2010
- After Dec.1,2009,income limits rise to $125,000 for singles, $225,000 for married couples,currently $75,000 and $150,000 respectively. The tax credit phases out incrementally at each $20,000 increase in income.
- Maximum purchase price $800,000
Move-up Buyers(existing homeowner)
- May claim a tax credit up to $6,500
- The owner must have owned and used the same residence as primary for 5 conssecutive years in the previous 8 years.
- This is effective immediately.
- Income limits are the same as First Time buyers
- Buyers who are currently under contract, and may have passed otherwise the Nov 30th dealine, can now use the new guidelines.
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