Move Up Home Buyer Tax Credit Details
The Move Up/Repeat Home Buyer Tax credit is a $6500 tax credit available to existing home owners that purchase a new principal residence between November 6, 2009 and April 30, 2010. The deadline for closing on the purchase is June 30, 2010 as long as a binding sales contract is signed by April 30th. To be a qualified move up buyer you must own and have lived in your current principal residence for at least five consecutive years. For married taxpayers both spouses must qualify. The tax credit can be monetized to use for closing costs of FHA-insured mortgages. This means that buyers do not have to wait to file their income taxes to claim the credit. HUD will allow the anticipated tax credit to be used immediately for down payment or closing costs. To take advantage of the move up tax credit fill out an Chosad loan request form, or give us a call at 604-916-2321.