Highlights of the New Homebuyer Tax Credit

1. The maximum credit is 10% of the purchase price or $8,000, whichever is less

2. Credit only applies to first time homebuyers, defined as anyone who has not owned a principal residence in the previous 3 years.

3. Credit applies to first time homebuyers who purchase between January 1, 2009 and December 31, 2009

4. Income limits are $75,000/yr for a single person and $150,000/yr for a married couple.