St Paul, MN: The House of Representatives voted Tuesday to give first-time homebuyers three more months (Sept. 30, 2010) to close on their purchases and receive up to an $8,000 federal income tax credit.
Washington had to act fast - the original deadline to close was June 30th.
The bill doesn't help anyone currently shopping for a home. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is what date the loan must close to get the credit.
The House voted 409 to 5 to delay the closing deadline to Sept. 30. The move comes nearly a week after the Senate failed to advance a much larger jobs bill that contained the tax credit provision.
Most people who failed to close on their purchase by today have been involved in "Short-sale" offers, and the banks have been slow in responding.
President Obama has now signed the bill into law.
Copyright © 2010 by Joe Metzler, Mortgages Unlimited, Saint Paul, MN
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Joe Metzler is a Certified MN Mortgage Specialist (MMS). He and his team at Mortgages Unlimited are proud to provide home mortgages loans for First time home buyers in Minnesota and Wisconsin.
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