| FEATURE | Jan 1 - November 30, 2009
Rules as enacted February 2009 | December 1 - April 30, 2009
Rules as enacted November 2009 |
First-time Buyer-
Amount of Credit | $8000 ($4000 married filing seperate) | $8000 ( $4000 married filing seperate) |
First-time Buyer-
Definition of 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 seperate) |
Effecive 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 | Purchase 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 |
| Anti-fraud Rule | None | Purchaser must attach documentation
of purchase to tax return |