The buyer must live in the home for at least three years after the purchase date.
Home purchasers cannot move, sell or otherwise leave the home they purchase for at least three years to retain eligibility to receive the tax credit.
The cost of the home is $80,000 or more.
According to the way the plan is written, the home buyer receives 10 percent of the home purchase price -- meaning, to receive the maximum available $8,000 credit, the home must be bought for $80,000 or more. Also, married couples filing separately can receive a maximum of $4,000.