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Relief is on the Way ---- We Think, House Passes Stand Alone Bill To Extend Closing Deadline for Home-buyers!
Today the US House of Representatives passed legislation that would extend the closing deadline for the Home-buyersTax Credit.  The Senate has already passed a similar measure and this  is the second time this year for the house to do so.  If the US Senate can pass a conference bill the credit will be available to Closing Home buyersall the way through September, 2010.  (The deadlinie to qualify for the credit of April 30th, 2010 will not be extended, this bill is for closing those transactions only)
Estimates are as high as 180,000 for loan applications backlogged in a system that became swamped by potential home-buyers trying to cash in on the tax credit that can be as high as $8,000 to a first time home purchaser.  The vote was for a separate bill as previous attempts to remedy the bottleneck in the nations mortgage origination, processing and underwriting systems became mired in partisan politics as the measure was made part of more controversial legislation in the Finance Reform bill currently being debated on Capital Hill.
Although the measure is expected to pass there is some concern as to when.  Most projections from Capital Hill are saying that even if it dosen't get ... more

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