Are you a first time homebuyer? Before you answer, consider this: for the purpose of this tax credit, a first-time home buyer is defined as someone who has not owned their primary residence in the past three years! Translation: thousands more people qualify for the tax credit than meet the eye.
And the “primary residence” distinction is also important to note: this means that people who rent their primary residence but who may own an investment property or vacation home could also get the credit for becoming owners of their residence.