Tax Credit Closing Deadline now September 30th.

Mortgage and Lending with Midland States Bank NMLS # 574956

By Amanda Okker, RE/MAX Times Online Editor

U.S. homebuyers who are eligible for a Homebuyer Tax Credit now have until Sept. 30 to close the transaction and receive the credit.

Congress has extended the closing deadline, which had been June 30, by an additional three months. President Barack Obama signed the legislation July 2. 

The action affects an estimated 180,000 homebuyers who were under contract by April 30, but because of circumstances beyond their control, had been unable to close on their purchase by June 30. Short Sale and REO transactions are holding up many of these closings.

Read a Reuter's news article for more informaton about the extension.

Qualified first-time buyers can receive a credit of 10 percent of the home price up to $8,000. Repeat buyers are eligible for a credit of up to $6,500.

The National Association of Realtors estimates that 4.4 million people have received the credit since it was made nonrefundable in 2009. That includes 2.9 million first-time buyers and 1.5 million repeat buyers.

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Comments (1)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Tim:  Great job getting the word out regarding this extension.  Knowing of this should calm a whole lot of fears ... and take the stress out of closing for many.  Thankfully we in the business were given this little "gift" of time.  It makes a big difference ...

Hope all is well with you,    Gene

Jul 08, 2010 08:16 AM