To
qualify as a
first-time home buyer, you
cannot have lived in a home you
owned in the three years prior to
closing.
To
qualify as a “step up” home buyer
(i.e., a “long-time homeowner”), you
must have lived in the principal
residence that you owned for five
consecutive years out of the last
eight.
Income Qualifications
Income of $125,000 for single
filers, and $225,000 for joint
filers, with a partial tax credit
for people whose income is within
$20,000 of limits.
Personal Qualifications
You
must be a United States citizen (or
certain
resident aliens), 18 years or
older, and not a dependent on
someone else’s tax return.
Property Qualifications
Eligible property types
include single-family homes,
condominiums, cooperative
apartments, multi-family homes,
houseboats, and affixed
manufactured homes and
trailers. The property you are
buying must be in the United States
and must be purchased for $800,000
or less.
Deadline
You
must be in contract by April 30th
2010, and close by June 30, 2010.
Other Major Restrictions
For
married couples, both spouses must
qualify for the tax credit in order
for the couple to qualify.
You must live in the property for
three years, or you will have to pay
the tax credit back.
You cannot buy from a close
relative, or from a corporate entity
you control.
You cannot sell or move out of the
home for at
least three years after
closing, or you have to pay the
credit back.