Today while consulting with a first time buyer client I brought up the subject of the home buyer tax credit. I was told there was no need to discuss the subject since he did not qualify. I did not drop the subject but was curious to know why he said what he did. After further probing I found out that he was correct, but only under the old guidelines.
The tax credit has been extended and expanded to cover more than just first time buyers. You should have seen the look on the young man's face when I told him that the income guidelines for a single person had been increased to $125,000.
This encounter made me realize that there might be a group of potential first time buyers who have ignored the program because they are thinking that only the time frame was extended and the other requirements have remained the same. So if you are one of those who did not qualify under the old rules that might not be the case now.
Enjoy this short video which will give you the highlights of the new tax credit.