Today President Obama signed the Unemployment Insurance Bill, which contains a provision to extend the current $8,000 First Time Homebuyer Tax Credit and expand the reach of the credit by allowing for a $6,500 credit to so-called "step-up" buyers. Details of the story can be found here.
As a real estate agent, how do I explain this to my client or determine whether her transaction qualifies?
Perhaps the best description we've see so far is the NAR Frequently Asked Questions: Homebuyer Tax Credit Changes document. Check it out, become familiar with the hypothetical scenarios, and share with your clients.