The rumor mill has been extremely active regarding the possible extension of the federal home buyer tax credits. Congress is considereing extending the deadline beyond June 30th due to a backlog of purchases waiting underwriting approval but although progress towards a final version of the "tax extenders" legislation has been made. But it's not done yet.
The Senate has passed an amendment to the "tax extenders" legislation that includes the extension of
the June 30 deadline for tax credit closings to September 30. So the amendment is now in the bill. However the Senate must still pass that bill and the House must also pass it and send it to the President before the extension will take effect. The current Call for Action on Flood Insurance supports this effort because the Flood Insurance renewal is also in the tax extenders bill. Both provisions are obviously important to us all. Having said that, the extenders bill, at least until this point, is not moving as fast as we would like.
As additional progress is made I will continue to post what I learn. Till this extension is done, I believe the best course of action is to not let up in our efforts to close deals by June 30th. The chance for an extension has improved but it is not a done deal yet.
If you'd like to learn more about Federal and state home buyer programs contact me. I can help.
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