How is the tax credit derived? 10% of the purchase price up to $80,000 When does one have to purchase in order to qualify? (Jan 1st – Nov 30th ’09) Does the tax credit require repayment? It depends… if you keep your home for more than 3 years it is forgiven Is the tax credit exclusive? Yes… first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years Are there income limitations? Yes… single purchaser – income not to exceed $75,000, joint purchasers – combined income not to exceed $150,000 Can I claim the credit on my…