Archive for July 1, 2010

Extended deadline for home-buyer tax credit close to approval

 Home buyers tax credit amendment

The House of Representatives passed the Homebuyers Assistance and Improvement Act on Tuesday to extend the deadline for the home-buyer tax credit, which would give buyers who have purchase contracts in place three more months to close on the sale. The measure still awaits final approval in the Senate.

The deadline for closing was June 30th, and it is estimated that nealy 180,000 buyers will miss out on the $8,000 credit because they are unable to close as of midnight tonight. To have been eligible, buyers needed to have a contract in place by April 30, and that won’t change through this new extended legislation. The extension would give buyers an additional 3 months to close on their loans.

The downside to the extension is that it now opens the door for some unscrupulous parties involved to possibly back-date contracts in order to take advantage of the $8,000 first -time credit or the $6,500 repeat buyer credit.

July 1, 2010 at 1:00 am Leave a comment


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