Homebuyers Tax Credit Deadline to Close Extended.

Yesterday, the Senate esxtended the homebuyers tax credit deadline for home purchases that were under contract on or before April 30th. The new deadline is September 30th and was implemented because of fear that over 180,00 properties that qualified for the tax credit, would not be able to close by the June 30th deadline. An overwhelming response by buyers created backlogs in many underwriting departments resulting in delayed closings which would not have met the June 30th deadline.