For this couple, the $6,500 acted as a "second chance" at government aid. Unlike the original 2008 credit, which was essentially an interest-free loan that had to be paid back over 15 years, the 2010 version was a . This meant if they kept the home for at least 36 months, they never had to pay it back. However, the process was notoriously complex:
: They had to prove they owned and used the same home as their principal residence for any consecutive 5-year period during the 8 years leading up to their new purchase. long time homebuyer credit 2010
: Their joint modified adjusted gross income (MAGI) had to be below $225,000 to receive the full credit. The Benefit and the Paperwork For this couple, the $6,500 acted as a