First Time Homebuyer Tax Credit Information

As Modified in the American Recovery and Reinvestment Act - February 2009

FEATURE		DESCRIPTION
Amount of Credit		$8,000.
Eligible Property		All principal residences eligible.
Refundable		Purchasers receive refund for unused amount when tax return is filed.
Income Limit		Full amount of credit available for individuals with Adjusted Gross Income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
First-Time Homebuyer Only		Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
Revenue Bond Financing		Purchasers who utilize revenue bond financing can use credit.
Repayment		No repayment for purchases on or after January 1, 2025 and before December 1, 2009.
Recapture		If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination		December 1, 2009.
Effective Date		All revisions are effective as of January 1, 2009.

Note: Always check with your attorney and/or mortgage broker to verify the above.