• This tax credit is for first-time home buyers only.
• The tax credit does not need to be repaid.
• The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or before 30 Apr 10, and closed on before 30 Jun 10.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify.

• The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
• The tax credit is equal to 10% of the home's purchase price up to a maximum of $6,500.

FICO Scale

• 800 to 850: Excellent
• 720 to 799: Good
• 680 to 719: Average
• 620 to 679: Poor
• 550 to 619: Very Poor
• 350 to 549: Fail

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