Tax Credit has been Extended - NOT
I just wrote this post below this morning. As of now, this information is incorrect. Here is the update by Dana Allen :
Homebuyer Tax Credit Deadline NOT Extended. House to approve Reid Extension Ammendment
The tax credit has been approved in congress for an extension from June 30th, 2010 to September 30th, 2010. The amended Bill was approved in a 60-37 vote yesterday. "Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide", said amendment sponsor Sen. Harry Reid, D-Nev. Harry Reid talks more about passing the extension here : Extending the tax credit for home buyers -
There were several reasons for extending the tax credit for first time homebuyers and for those that have bought previously, yet they have to fit the requirements of the 2010 tax credit. There have been appraisal issues, repairs that still needed to be taken care of, and even the fact that you can't get flood insurance at this time because the government has failed to stay on top of this issue.
One very important reminder about the tax credit :
There has been some speculation that some homebuyers and even realtors willl attempt to commit some type of fraud, just so they can either get the loan to close or that the homebuyer can still collect the money. This can be done by backdating documents and or the agreement of sale, which is complete fraud. Remember, if you weren't fully under contract by April 30th, 2010, you can't claim any portion of the tax credit.
Summary : Keep in mind, that this Tax Credit extension is only for those already under contract as of April 30th, 2010. Be very aware if you are thinking about anything remotely that would resemble fraud. The government has already spent hundreds of thousands of dollars within the FBI and the IRS to seek out those that have committed any fraudulent acts. For more information on the Tax Credit : Tax Credit for home buyers .
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