· The tax credit is for first-time home buyers: defined as a purchaser not having owned a home within the previous 3-year period.

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

· The tax credit can be claimed on 2008 income tax forms even if the purchase took place in 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.