Tax credit extended for those already under contract

The Senate passed an amendment that will extend the closing deadline of the homebuyer tax credit an extra three months. Under the tax credit's original deadline, purchases had to be under contract by April 30 and closed by June 30. But, because of the program's popularity and the time it takes to process these sales, as many as a third of eligible buyers were at risk of missing out on the tax break. With this extension, buyers that had a contract in hand by April 30 will have until September 30 to close the deal. More here, here, and here.