HOUSE PASSES BILL TO EXTEND FIRST TIME HOMEBUYER CREDIT. HR 5263, a bill to extend the tax credit set to expire tomorrow, was passed by house lawmakers in a 409-5 vote. If passed by the Senate, the bill will extend the tax credit Closing deadline for an additional 3 months.
If the bill fails to pass, the National Association of Realtors estimates that up to 180,000 buyers who were under contract by April 30th and qualified for the credit, would fail to recieve the credit. Most of these Purchasers are involved in purchases of distressed properties, whether REO or Short Sales. Fingers crossed. More news soon!
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