It's not law yet, but it is looking hopeful that Congress will pass an amendment extending the home buyers tax credit closing date to September 30.
That would be GREAT news for the 180,000 home buyers that the National Association of Realtors estimates are in danger of missing out on the tax credit even though they originally met all the qualifications, including entering a signed real estate contract by the April 30 deadline.
The huge number of home sales the tax credit inspired has buried lenders and other key players in the mortgage loan process in paperwork. As a result, many home buyers who rushed to meet the qualifying deadline are now learning that, through no fault of their own, they might not be able to close their transaction by the June 30 deadline. And that, says NAR President Vicki Cox Golder, would be a "tragedy."
On June 16, the Senate approved an amendment extending the closing deadline to September 30 ONLY for buyers who have ALREADY qualified for the tax credit. The amendment still must be approved by the House of Representatives and signed by the President to be finalized.
Let's hope that's soon!
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