Besides making the new tax credit a true credit that does not have to be paid back, the Federal Government also made it possible for people to treat their new home purchase as if they bought it on Dec. 31st of last year. This opens the door for buyers to immediately amend their 2008 return to get their credit refund faster! Of course, buyers may also elect to wait until they file their 2009 return if their income calculations for 2008 were causing less of a refund.
Any agent that has had closings for first time buyers since January 1st should take the opportunity to connect with their past clients and bring this to theior attention. They will thank you for it and they may know someone that needs to buy a home now also!
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