• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

• To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
• The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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• Note pad and pen. You'll want to take notes about each property. As you visit more homes, details may begin to blur together and your notes will help keep them straight.
• Flashlight. This will help you take a closer look into enclosed areas.
• Tape Measure. It's important to check such dimensions as room sizes, clearances and the depth of the garage, etc.
• Camera. This will allow you to look back and compare homes side-by-side. You can also share photos with children or other family members who may not have been able to go on each tour. This way everyone can be involved in the final home-buying decision.

If you have more questions about purchasing a home, call me. I would be happy to walk you through this exciting phase in life.

1. Are you a full time agent?

2. Do you spend 100% of your time assisting buyers?

3. Will you point out the negative aspects of each property as well as the      positive?

4. Do you have a list of lenders, home inspectors and other professionals that you recommend?

5. Are you a member of a team? If so, please explain.

6. What area and in what aspect of the market do you specialize?

7. Can you give me references of past clients to contact?

8. Will you guarantee me that you will not be representing any seller at any time while you are working with me?

9. Will you show me all the homes on the market that you feel meet my needs, including For Sale By Owner properties and other properties?

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