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First-Time Home Buyer Tax Credit Checklist

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In an effort to continually stimulate the slow housing economy, US Government has extended $8,000 tax-credit for the first-time home buyers. Some of the major highlights of the extension of this government tax credit include:

  • Property must be a primary residence (including single-family homes, condos, townhouses and co-ops)
  • Purchase agreements must be signed by first-time home buyers by April 30, 2010
  • Closing on the new home must be completed no later than June 30, 2010
  • Eligible for first-time home buyers (including home buyers who have not owned an interest in a primary residence in the past three years of the closing)
  • Purchase price of new home cannot exceed $800,000
  • First-time home buyers with an income of $125,000 (filing individually) or $225,000 (filing jointly) are eligible
  • First-time home buyers must live in the home for at least three years. If the borrowers sell the home, move or leave the home for any other reason within the three-year limit, the tax credit must be repaid
  • First-time homebuyer tax credit does not have to be repaid

Go back to first-time home buyer's section read more.

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