Congress Passed Last Minute Home-Buyers Tax Credit Extension

by Alex Stenback on July 1, 2010

Borrowers concerned that the paperwork might not clear in time for them to close on their purchase before today’s deadline (homebuyers eligible to receive first time buyer or move-up tax credit needed to close by July 1st) can rest easy – late last night, lawmakers voted to approve an extension.  From the NYT:

Congress has sent President Obama a plan to give home buyers an extra three months to qualify for up t0 $8,000 in federal tax credits. Buyers who already have signed contracts will now have until Sept. 30 to complete their purchases. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. The House approved the measure on Tuesday. Legislation in the Senate was approved Wednesday night by unanimous consent.

Note that this ONLY applies to buyers already under contract by April 30th.

Home Buyers Tax Credit Extended [NYT]

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