Last night, the Senate passed the National Flood Insurance Program Extension Act, an extension of the National Flood Insurance Program until September 30, 2010. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension.
Additionally, Congress passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act. It applies only to transactions that have contracts in place as of April 30, 2010, that haven't yet closed. The new closing deadline for eligible transactions is now September 30, 2010.
I had a closing scheduled for yesterday that couldn't happen because the lender decided last minute to not allow the mortgage to close without flood insurance (previously - as in the day before - they were OK with a paid receipt for the flood policy but changed their mind the morning of the closing)... this was compounded by the fact that the buyer is a first time buyer who was counting on the tax credit which was due to expire yesterday.
Needless to say the news of both bills' passage was welcome news this morning. What a difference a day makes!
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Thomas McCormack
Sales Associate
Resources Real Estate | 112 E. River Rd. | Rumson, NJ 07760
732-212-0440 x212 | 732-212-0450 fax | 732-241-5695 cell
www.ThomasMcCormack.com
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