First Time Homebuyers - $8000.00 Tax Credit

First time home buyer that purchased between 1/09/09 to 11/30/09
The tax credit is equal to 10% of the purchase price, not to exceed $8000.00.
Principle residence only, includes houses, condos, co-ops, and townhouses.
Refundable credit which means any unused credit will e issued to you in a check.
Annual income not to exceed $75K (single) or 150K (couple)
No repayment due as long as home is kept for at least 3 years.
If home is sold within 3 years, repayment for the tax credit is required.
First time home buyer - Must not have owned a home in the previous three years, for couples neither spouse to have owned a primary residence for at least 3 years. Ownership of a vacation home or rental property not used as a principle residence does not disqualify a buyer as a first time home buyer.
Possible disqualification - If any state or city bond programs are utilized in the purchase or purchasing from a close relative including but not limited to: Parent, spouse, grandparent, child, or grandchild (arms length transaction).