The Housing and Economic Recovery Act of 2008 introduced a tax credit of $7,500 or 10% of the purchase price for first-time homebuyers. The credit had to be repaid over 15 years. President Obama later revised the act to increase the credit to $8,000 and eliminate repayment. To qualify, homes had to be purchased between specific dates and buyers could not have owned a home in the prior three years or have an income over certain thresholds. The long-term effects of the credits on the housing market are still unknown.