$8000 FEDERAL TAX CREDIT

Quick Summary:

	Amount of tax credit is 10% of purchase price, not to exceed $8000.
	Property purchased must be the taxpayer's principal residence.
	Buyer (and buyer's spouse/co-borrowers, if any) must not have owned a principal residence during the three year period before the date of purchase.
	Property must be close escrow between January 1, 2009 and November 30, 2009.
	Any amount of the tax credit not used to reduce the tax owed may be added to the taxpayer's tax refund check.
	The buyer need not repay the tax credit if the buyer owns and occupies the property as a principal residence for at least 36 months after the purchase.
	Income restrictions apply.  Tax credit begins to phase out if modified adjusted gross income is over $75,000 (or $150,000 for joint filers).  No tax credit at all if modified adjusted gross income is over $95,000 (or $170,000 for joint filers).
	If multiple buyers are not married, the $8000 tax credit may be allocated between eligible tax payers in any reasonable manner.
	First-time Homebuyer Credit Form 5405 must be filed with 2009 tax return.

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