Feature

Original Tax Credit

2008

Revised Tax Credit

2009

10% of purchase price,

up to a maximum of $7,500

10% of purchase price,

up to a maximum of $8,000

Purchases occurring

4/9/08 ~ 12/31/08

Purchases occurring

1/1/09 ~ 12/1/09

First-Time Home Buyer

Requirement

Buyers may NOT have

owned a principal residence

in the 3 years preceding

the purchase.

Buyers may NOT have

owned a principal residence

in the 3 years preceding

the purchase.

Adjusted gross income

(AGI):

$75,000 ~ Individual

$150,000 ~ Joint

Adjusted gross income

(AGI):

$75,000 ~ Individual

$150,000 ~ Joint

Eligible Property

Types

Any single family residence

that will be used as a

primary residence.

Any single family residence

that will be used as a

primary residence.

6.67% of the credit

($500 for the full $7,500)

to be paid annually over

15 years, beginning

2 years after filing.

If the home is sold

before the 15 year

repayment period ends,

the outstanding balance

of repayment is

recaptured on sale.

If the home is sold within

3 years of purchase,

the entire credit is

recaptured on sale.

Tax credit is NOT allowed

if the purchase is financed

with state or local

bond funding.

Tax credit is allowed

in conjunction with state

or local bond financing.