Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers (or home buyers that haven't owned a home in the past 3 years)


• The tax credit does not have to be repaid (unlike the tax credit enacted in 2008)


• The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000


• The tax credit is available for homes purchased between January 1, 2009 and December 1, 2009


• The tax credit applies to single taxpayers with incomes under $75,000 and couples with incomes under $150,000 (if your income exceeds these levels, you may still be eligible for a partial tax credit)

Opportunity to Use Tax Credit At Closing
The new law also allows state housing finance agencies to help home buyers at closing by advancing the credit as a loan.

More Information
More details are available at the Federal Housing Tax Credit website.

Here's a quick list of some of the other online resources available for home buyers:

• Freddie Mac: Buying and Owning a Home


• HUD: Buying A Home


• HUD: Let FHA Loans Help You


• FannieMae: Homeownership Resources


• Home Loan Learning Center


• Federal Reserve Consumer Help: Home Mortgages


• Home Financing Information from the FTC

Download PDF Version