Since the homes policy announcement of last week, a few people, even Realtors®, are looking at the first-time buyer provision with disappointment.  Apparently, they need to know what the definition of a first-time home buyer is.

According to the provisions announced, a first-time buyer is one who has not owned a primary residence for three years.

Isn't that better than what most assumed?  You betcha.  If you sold your home in 2005, knowing that the market was going to tank/crater/crash and you opted to rent, you could very well derive some benefit from buying now.  You could in fact be eligible for an $8000 tax credit - not a deduction, but a credit.  Credits are direct dollar-for-dollar offsets against taxes.  Your federal taxes should demonstrate clearly that you haven't owned a home for three years.  Go for it!

Doesn't that feel better now?