St. Louis Missouri Breaking News...House and Senate Pass Bill to Extend and Expand Home Buying Tax Credit

St. Louis Missouri Breaking News...House and Senate Pass Bill to Extend and Expand Home Buying Tax Credit

The House passed the extension and expansion of the home buyer tax credit 403 to 12. The bill has now made it passed both the House and the Senate and is on its way to the President's desk and could be signed as early as tomorrow.

Here is a summary of the new modifications in the extension and expansion of the tax credit:

1) The $8,000 tax credit will be extended and available for first-time purchases before May 1, 2010.

2) Prospective purchasers with binding contracts in place as of April 30, 2010, will be allowed an additional 60 days to complete the transaction.

3) A new $6,500 tax credit will be available for repeat buyers who purchase between December 1, 2009, and May 1, 2010. To qualify for this provision, buyers must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.

4) Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.

If you know anyone looking to buy their first home or take advantage of the new credit in the St. Louis area, please contact me today. Interest rates are still very low and prices are good.

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All rights reserved and may not be reproduced or reprinted without express written permission of Ann Hayden, real estate agent with Prudential Select Properties Chesterfield, Ballwin, Wildwood Office. Information deemed reliable but not guaranteed.