The chart below shows the differences between the 2008 and 2009 First Time Homebuyer tax credit for Maryland:
For more information about a Maryland FHA Mortgage, Loan Limits, or FHA guidelines, please feel free to contact me directly.
Bill Sohan
410-963-2308
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FEATURE
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CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
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REVISED CREDIT –
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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| Amount of Credit | Lesser of 10 percent of cost of home or $7500
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Maximum credit amount increased to $8000
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| Eligible Property | Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
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No change
Only principal residences eligible.
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| Refundable | Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
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No change
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| Income Limit | Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
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No change
Same income limits continue to apply.
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| First-time Homebuyer Only | Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.
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No change
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| Revenue Bond Financing | No credit allowed if home financed with state/local bond funding.
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Big Change.
Purchasers who utilize revenue bond financing can use credit.
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| Repayment | Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
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Huge Change:
No repayment for purchases on or after January 1, 2009 and before December 1, 2009
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| Recapture | If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
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If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
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| Termination | July 1, 2009
(But note program changes for 2009)
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December 1, 2009
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| Effective Date | Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
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All revisions are effective as of January 1, 2009
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*This is not an offer to lend. 
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