The Modified Tax Credit
- Removed the repayment requirement, provided the homebuyer does not resell the home for three years.
- Extended the time period for home purchases out to December 1, 2009.
- Credit maximum was increased from $7,500 to $8,000. The credit is calculated as 10% of the purchase price.
Example: If purchase price is $70,000, the credit is $7,000. (Assume a property price of over
$80,000 for the rest of the discussion).
- It is still only for first-time homebuyers, and only for properties that are the buyer’s primary residence.
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