FEATURE
Jan 1 – November 30, 2009 Rules as enacted February 2009
December 1 – April 30, 2010 Rules as enacted November 2009
First­time Buyer – Amount of Credit
$8000 ($4000 married filing separate)
$8000 ($4000 married filing separate)
First­time Buyer – Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase
Same
Current Homeowner – Amount of Credit
No Provision
$6500 ($3250 married filing separate)
Effective Date – Current Owner
No Provision
Date of Enactment
Current Homeowner – Definition for Eligibility
No Provision
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 November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)
Purchases after April 30, 2010
Binding Contract Rule
None
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)
$75,000 – single $150,000 – married Additional $20,000 phase out
$125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home
None
$800,000 Effective Date of Enactment
Purchase by a Dependent
No Provision
Ineligible Effective Date of Enactment