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Feature

For First-Time Homebuyers

 For Current Qualifying Homeowners

Amount of Credit

$8,000 ($4,000) married filing separate)

$6,500 ($3,250 married filing separate)

Eligibility

May not have had an interest in a principal residence for 3 years prior to purchase

Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Termination of Credit

Purchases after April 30, 2010

Purchases after April 30, 2010

Binding Contract Rule

So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close

So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close

Income Limits

$125,000 - Single

$225,000 - Married

Additional $20,000 Phase Out

$125,000 - Single

$225,000 - Married

Additional $20,000 Phase Out

Limitation on Cost of Home Purchased

$800,000

$800,000

Ineligible

Ineligible

Additional Requirements

Purchaser must attach documentation of purchase to tax return

Purchaser must attach documentation of purchase to tax return

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