Great news for homebuyers under contract who couldn't close before June 30th. The tax credit has been extended!
I have two clients that will benefit from this new extension. One that was supposed to close June 30th, but because of title company issues (the REO lender's title company of course) could not close until July 1st. And another is someone who ran into issues at underwriting because of a work related injury. He is a police officer who was injured and is now collecting disability, but what he is collecting is guaranteed and the same as his base salary. DTI looks great! Either way, both are closing, but had it not bee for this extension, then they would both be out of $8,000 that they planned on using for repairs, furnishing, etc.
I was hoping that this extension would be for ALL buyers and not just those who were under a completely executed contract. I don't know about you, but there has been a bit of a lull since the April 30 deadline passed. It would be nice for another tax credit stimulus to come back on the scene!