Homebuyers who have been waiting on pins and needles for Congress to extend the Homebuyer Tax Credit may just get some good news after all.
The required June 30th closing date for the Homebuyer Tax Credit has been looming for some time now 
and that day is finally here. Late last week an extension was approved in the House but was shot down in the Senate after being attached to the Jobs Bill. On Tuesday, a new slimmer revised Bill passed in the House and is now just waiting for Senate approval. Proposed extension of the credit would again be until September 30th, allowing those who are not able to complete their purchase transaction before the end of today some more needed time. If the extension is not passed, it has been estimated that there are 200,000 people that would miss out on the tax credit because they will not be able to close by the end of today. Many of these 200,000 are involved in what are known as short sales, which are more time consuming and complicated transactions to complete. As before, this extension will only apply to those that were under contract to purchase prior to April 30th.
The tax credit allows for up to an $8000 credit for first time homebuyers and up to a $6500 credit for repeat buyers.
If your receipt of the Homebuyer Tax Credit hinges on the passing of this extension, keep your fingers crossed and your eye on the headlines. A reprieve may soon be on its way.
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