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 Acre Mortgage loan request form, or give us a call at 800-511-3330.

Home Buyer Tax Credit Extended and Expanded

The First Time Home Buyer Tax Credit created earlier this year in the Economic Stimulus Packagage has been extended to April 30, 2010. The tax credit was set to expire at the end of November. More significantly, the tax credit has been expanded to include buyers who are not purchasing a home for the first time. A $6500 tax credit is now available to homeowners purchasing a new home that have lived in their current residence for five consecutive years. The credit is limited to purchases below $800,000 and to individuals who earn less than $125,000 per year, or couples earning less than $225,000. To take advantage of these tax credits fill out an Acre Mortgage loan request form, or give us a call at 800-511-3330.

Without an Extension The Stimulus Tax Credit is Set to Expire in 5 Months

The $8000 First Time Home Buyer Credit created as part of the Stimulus Package passed by Congress earlier this year is set to expire 5 months from today. There has been much speculation that the tax credit will be extended, but currently there is no definitive indication that Congress will extend the deadline. Right now the clock is ticking. If you have been thinking about purchasing your first home now is the time to act to ensure you capitalize on the credit. 5 months may seem like a lot of time but when it comes to real estate that is not so. It takes time to find the right home, negotiate an offer that is accepted by the seller, get approved for financing, have all the necessary inspections of the home performed, dot all the I's and cross all the T's required, and finally get to the table for closing. So don't delay, get started today. The best way to get started is by filling out an Acre Mortgage loan request form for a pre-approval letter. Having a pre-approval letter helps get the buying process moving because it signals to all parties involved that you are a serious buyer. It also provide leverage in negotiations with sellers.