$8,000 Home Buyer Tax Credit at a Glance

1) You must have a Purchase and Sales Agreement signed by April 30, 2010.

2) You must close on your home by June 30, 2010.

3) The tax credit is equal to 10% of the home's purchase price or a maximum
of $8,000.00

4) The tax credit does not have to be repaid unless the property is sold within
three years.

5) The maximum income limit to qualify for the credit is $125,000 for single
tax payers and $225,000 for married couples.

6) If you are a move-up buyer, selling one house and upgraded to another, you will also receive a credit of $6,500 as long as you have lived in your current home for 5 consecutive years.
The maximum sales price for move-up buyers is $800,000.