To be able to get the most benefit from the tax credit program, here are some key points for prospective home buyers should be aware of when considering a home purchase.

1. Up to $8,000 of tax credit is available for first-time home buyers purchasing on January 1, 2009 up to April 30, 2010. Sales contract must be signed by April 30, 2010 and home purchase must be completed by June 30, 2010 to qualify.

2. Up to $6,500 of tax credit is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold after November 6, 2009 up to April 30, 2010. Sales contract must be signed by April 30, 2010 and home purchase must be completed by June 30, 2010 to qualify.

3. $125,000 for individuals and $225,000 for married couples filing jointly income limits apply to all sales occurring after Nov. 6, 2009.

4. Homes priced above $800,000 are not eligible for either the first-time home buyer tax credit or the repeat home buyer tax credit.

5. Expanded tax credit benefits apply to members of the military, the foreign service and the intelligence community.

6. Home purchases in 2010 may be claimed on an amended 2009 income tax return.

7. Claimed dependents by a taxpayer or who are under age 18 do not qualify for a tax credit.

8. Home purchases from relatives of the taxpayer or the taxpayer’s spouse do not qualify for the tax credit where IRS defines relatives as ancestors (parent, grandparent, etc.), lineal descendants (child, grandchildren, etc.) and spouses.

9. Married couples whom either of the spouse has previously owned a home are not eligible to claim the first-time home buyer tax credit but would qualify for the repeat home buyer tax credit.

10. Neither the first-time home buyer tax credit nor the repeat home buyer tax credit has to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

11. HUD-1 settlement statement and accomplished IRS Form 5405 must be submitted to claim either the first-time home buyer tax credit or the repeat home buyer tax credit