Tax Credit Extension Update: It's a Go!

Tax Credit Closing Extension Update 7/1/10:  Whew! That’s the sound of sighs of relief from first time homebuyers in jeopardy of missing out on the home buyer tax credit because they could not close their real estate transactions by the initial deadline of June 3o. Lawmakers waited until the very last minute, but last night the Senate passed the stand alone bill from the House of Representatives that extends the closing date to claim the first time home buyer tax credit from June 30 until September 30.  The measure passed the Senate unanimously and President Obama is expected to sign the bill into law today.

This is welcome news for the 180,000 home buyers that the National Association of Realtors estimated were 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 buried lenders and other key players in the mortgage loan process in paperwork, making it impossible to close transactions by the original June 30 deadline.

Read more on the tax credit closing extension!