Proposed Senate Bill Extends Deadline For Housing Tax Credit
If you have a sale that may not close by 6/30 using the first time buyer tax credit, this is a good post to read!
A bill just introduced in the Senate would extend the deadline for the Housing Tax Credit by 90 days, according to an ARTICLE in The Washington Post. The bill, supported by the NAR, would grant those already under contract and extra three months to get their deal closed. Many lenders, suffering from an overload of mortgage applications, had indicated that some loans would not be ready to close by the original deadline of June 30.
The NAR has estimated that as many as 180,000 applicants under the original deadline would be unable to close. While the NAR and mortgage lenders may be accurate in their estimates, many, including myself, feel the concept of a Housing Tax Credit was flawed from the beginning, and do not support an extension, which would probably encourage additional fraudulent applications and back-dated documents.
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