Rules as enacted

First-time Buyer

Amount of Credit

$8000

($4000 married

filing separate)

First-time 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

$6500

($3250 married

filing separate)

Current Homeowner

Definition for Eligibility

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

Binding Contract Rule

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

$125,000 – single

$225,000 – married

Additional $20,000 phase out

Limitation on Cost of

Purchased Home

$800,000

November 7, 2009

Purchase by a Dependent

Ineligible

November 7, 2009

Anti-fraud Rule

Purchaser must attach

documentation of purchase to