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This is the revised Housing Tax Credit on the latest IRS guidelines.

• Only principal residences defined as the one you live in most of the time. No second homes, investment properties or properties outside of the United States. Houseboat, house trailer, co-op apartment or condominium defined in Form 5405.
• AGI for single filer may earn up to $75,000 and $150,000 for married homebuyer. AGI exceeding that is subject to a phase-out.
• Credit is not available if buying from related person such as a spouse, parents, grandparents, children, a corporation or partnership where you own 50% of the stock or capital interest.

This is the original version of the Housing Tax Credit.

The Housing and Economic Recovery Act of 2008 originally signed by President Bush is being revised as part of President Obama second $825 billion stimulus package. The credit is available for first time home-buyers who purchased after April 9 of 2008 and before July 1, 2009 to claim 10% of the purchase price capped at $7,500 credit. You (or your spouse) must not have owned a primary residence during the three-year period prior to the purchase.  The credit is an interest free loan for 15 years. You have to pay it back after 2 years claiming the credit. Annual payment is $500. Though this provision is currently under revision for full credit without future payments.

For further information, please visit http://www.federalhousingtaxcredit.com/index.html