Citing the rebound of the housing market as one of the factors contributing to the growth of the economy last year, President Obama today signed his approval of the bill extending and expanding the homebuyer tax credit.

The credit was originally set to expire at the end of November, but has now been extended to buyers who sign a contract by April 30, 2010 and close by June 30. 

The credit amount for first time home buyers is 10% of the homes purchase price to a maximum of $8,000.  Other buyers, who have owned their homes for the past five years, can purchase a new residenct (owner-occupied) and receive a credit up to $6,500.  This credit will begin on December 1, 2009.

Income limits for buyers has also been increased.  Income limits for individuals is now $125,000 and $225,000 for couples.  Before, it was $75,000 for single people, and for couples it was $150,000.

Buyers who sell the home or stop using at as their principal residence within 3 years will be require to pay back the credit.

The bill pass unanimously in the Senate this week and passed the House with a vote of 403 to 12.

For more information, please visit:  http://www.dsnews.com/articles/president-obama-signs-bill-expanding-homebuyer-tax-credit-2009-11-06

 http://www.timtanzhomes.com

I have been representing home buyers and home sellers in the St Louis Metropolitan Area since 1997.

I am a Certified Residential Specialist (CRS), Accredited Buyer's Representative (ABR), and GRI (Graduate, Realtor Institute).

Affiliations:  Member St Louis Association of Realtors (SLAR), Member Missouri Association of Realtors (MAR), Member National Association of Realtors (NAR), Member Real Estate Buyer's Agent Council (REBAC), Member Council of Residential Specialists (CRS).

All personal pictures are copyrighted by Tim Tanz, and may not be reproduced without his permission.

St. Louis City and St. Louis County Residential Real Estate, Homes, Condos, Lofts & Townhomes.  St. Louis City Neighborhoods:  Benton Park, Benton Park West, Bevo Mill, Botanical Heights, St. Vincent Park, Carondelet, Central West End, Clifton Heights, Columbus Square, Compton Heights, Downtown, Dutchtown, Forest Park Southeast, Fox Park, The Gate District, Gravois Park, The Hill, Holly Hills, Lafayette Park, Lasalle, Lindenwood Park, Northampton, Shaw, Skinker/DeBaliviere, Soulard, Southwest Garden, St. Louis Hills, Tower Grove South, Tower Grove East, South City, Wyndown/Skinker.  St. Louis County Communities:  Affton, Shrewsbury, Webster Groves, Maplewood, Richmond Heights, Brentwood, Clayton, University City, Bayless, Hancock Place, Lindbergh, Mehlville, Kirkwood, Ladue, Ritenour, Parkway North, Parkway Central, Parkway West, Parkway South, Valley Park, Rockwood Summit, Marquette, Eureka, Lafayette, Crestwood, Sunset Hills, Fenton, Des Peres, Town & Country, Manchester, Ballwin, Ellisville, Chesterfield, Wildwood, Creve Couer, Olivette, Maryland Heights.