Tax Credit Closing Extension: Not a done deal..... yet
As you may have heard or seen in the news, it is LIKELY that the tax credit closing deadline will be extended from 6/30 to 9/30. However, since the House must still approve this, it is not a "done deal". I will keep you informed as information becomes available. PLEASE NOTE: this extension is for the closing deadline only. The contract of sale still needed to be drawn on or before 4/30/10.
WASHINGTON - An estimated 180,000 consumers eligible for the government's homebuyer tax credit could lose that benefit because a huge backlog could make them miss the June 30 deadline to complete the transaction, but the Senate voted Wednesday to give consumers three more months to seal their deals.
The House of Representatives still must go along before the extension becomes law, a vote that's likely before June 30. So this is NOT a "Done Deal" just yet, but it is looking more likely that we will have some more time to push through the closings for the buyers that had contracts in April.
Stay tuned!
Rob
Mortgage Banker
NMLS ID# 248937
www.RobertRaufHomeLoans.com or my blog: http://activerain.com/blogs/rrauf
(732)223-1630 x102
Since 1987 I have been helping my clients fulfill their dream of home ownership!
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