$8,000 Tax Credit for New Buyers:
 
  1. The $8000 tax credit is simply an extension of the previous law that was going to expire November 30th.  
  2. Deadline:  A buyer needs to be in contract by April 30th, 2010 and close on the home by June 30th, 2010.   
  3. Eligible Property:  Any single family residence including condos and townhouses.  Must be a primary residence.
  4. Income limit Increase (this is new):   $125,000 adjusted gross income for a single return and $225,000 for a joint.  Phases out above these limits ($145,000 and $245,000)
  5. First time home buyer (can not have owned a home in the last 3 years).
  6. No repayment of this tax credit.
  7. Must keep home for at least 3 years.  If sold before that, then you must repay the credit.
  8. FAQ: http://www.federalhousingtaxcredit.com/faq1.php
 
$6500 Tax Credit for Repeat Buyers (all new):
 
  1. This credit is for those buyers who have owned a home 5 out of the last 8 years, and are now buying another principal residence.
  2. No credit is given on homes purchased over $800,000.
  3. Home can be an upgrade or downsize.
  4. You don't have to sell your current home within a specific time line.  
  5. Deadline is the same as above.
  6. FAQ:  http://www.federalhousingtaxcredit.com/faq2.php