• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for 5 years out of the last 8 years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within 3 years after the initial purchase.
• The tax credit is equal to 10% of the home's purchase price to a maximum of $6,500. 
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

$8,000 First-Time Home Buyer Tax Credit

• The $8,000 tax credit is for first-time home buyers only.  For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within 3 years after the initial purchase.
• The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or AFTER January 1, 2009 and on or BEFORE April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or AFTER January 1, 2009, and on or BEFORE November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased AFTER November 6, 2009 and on or BEFORE April 30, 2010, single taxpayers with incomes up to $125,000 and married couples witth incomes up to $225,000 qualify for the full tax credit.