It's Official Missouri Home Buyers: President Obama Signed Home Buyer Tax Credit Expansion and Extension TODAY!
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. A home buyer must have a sale agreement in hand by April 30 and close escrow by June 30, 2010.
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.
5) The maximum allowed home purchase price is $800,000.
6) Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, would have until April 30, 2011 to claim the tax credit.
If you know anyone looking to buy their first home or take advantage of the new credit in the St. Louis area, please contact Ann Hayden today. Interest rates are still very low and prices are good.
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Ann,
This is good news for both home buyers and sellers. I hope that it will be bringing in those that have been sitting on the fence.
Don,
I hope it will help the economy as a whole.
Happy selling,
Ann
Ann it is all official now. And the word I am getting is that this will be the only extention that they will do.
Ann
I feel that we can look forward to additional home sales with the tax credit.
Good luck and success.
Lou Ludwig
George,
Yes, I think you are correct. The buyers should take advantage....
Ann
Lou,
I do think it will spur sales and listings with the new expansion provision.
Ann