– If you closed on or before December 31st, 2008, nothing is changed.
– If you close after December 31st, 2008, and before December 1st, 2009:
– the credit is $8,000 (or 10% of the purchase price, whichever smaller)
– only if you did not own a house during the previous 3 years
– income caps are still in place – credit starts to phase out when your AGI is greater than 75K (single) or 150K (married)
– you don’t have to repay, unless you sell the house or it ceases to be your principal residence within 3 years after purchase; exceptions apply
– If you buy during 2009, you may elect to treat the purchase as made on December 31, 2008, for income tax purposes – in other words, you may claim the credit on your 2008 tax return.
Also, Fannie/Freddie conforming limits are raised back to their 2008 levels, and the Director of FHFA is granted authority to increase those limits further on a case-by-case basis (division A, page 284).
