Senate Extends First Time Buyer Tax Credit Closing Deadline

Senate Extends First Time Buyer Tax Credit Closing Deadline

Central Oregon home buyers and sellers may have 3 additional months to close their homes and still qualify for the first time home buyer tax credit.

According to the National Association of Realtors®, the US Senate has approved the First Time buyer tax credit closing deadline. In order to qualify for the first time home buyer tax credit or repeat buyer tax credits, buyers must have had a signed purchase agreement by April 30, 2010 and close on the home before July 30, 2010.

If the extension passes through both the Senate and the House then these buyers will have until September 30, 2010 to close on their new homes and still qualify for the tax credit.

This could be a huge benefit to buyers who are struggling to get their loans completed in time. It will be especially beneficial for buyers with contracts on short sales.

Here’s the full article:

Extends Tax Credit Closing Deadline

The U.S. Senate voted Wednesday to extend the home buyer tax credit closing deadline to Sept. 30, giving an estimated 180,000 buyers who met the contract deadline of April 30 extra time to close the transaction.

The extension was added to a bill to pay for jobless benefits.

The NATIONAL ASSOCIATION OF REALTORS® estimates that one-third of qualified applicants have been notified that they will be unable to close by the deadline. The Mortgage Bankers Association says delays are caused largely by the volume of transactions.

The measure still must be approved by the House.

Source: Associated Press, Andrew Taylor (06/16/2010)

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