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First Time Homebuyer Tax Credit Comparison Chart

This chart that breaks down the differences between the Original Tax Credit as enacted in the Housing and Economic Recovery Act of 2008 and the Revised Tax Credit as enacted in the American Recovery and Reinvestment Act of 2009.  See the Key Highlights of the American Recovery & Reinvestment Act of 2009. Courtesy of Shawn Huss and Amy Karhoff at National City Bank:

FEATUREOriginal Tax Credit (2008)
Revised Tax Credit (2009)
Amount10% of purchase price, up to a maximum of $7,500 10% of purchase price, up to a maximum of $8,000
Dates of Eligibility

Purchases occurring 4/1/08 - 12/31/08* *previously through 7/1/09

Purchases occurring 1/1/09 - 11/30/09
First-Time Homebuyer RequirementBuyers may NOT have owned a principal residence in the 3 years preceding the purchase
Buyers may NOT have owned a principal residence in the 3 years preceding the purchase
Income Limits
Full Credit available to individuals with an adjusted gross income (AGI) of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps Full credit available to individuals with an AGI of no more than $75,000 ($150,000 on a joint return). Credit phases out for AGIs up to $20,000 above those caps
Eligible Property Types
Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
Any single family residence that will be used as a primary residence. Includes condos, co-ops, and townhomes.
Repayment6.67% of the credit ($500 for the full $7,500) to be paid annually over 15 years, beginning 2 years after filing.
None
RecaptureIf the home is sold before the 15 year repayment period ends, the outstanding balance of repayment is recaptured on sale.
If the home is sold within 3 years of purchase, the entire credit is recaptured on sale
Bond Financing
Tax Credit is NOT allowed if the purchase is financed with state or local bond funding. Tax credit is allowed in conjunction with state or local bond financing.