Details

10 % of home up to $8000 for 1st time buyers, up to $6,500 for existing homeowners

Refundable – can be claimed even if there is no form 1040 tax liability (see form 5405)

Expires!  April 30, 2010 for new home construction.  For existing homes, the contract must be signed by April 30 and must be closed by June 30.

Credit has income limits.

Credit must be repaid if home is sold within 3 years