Thursday, June 17, 2010

More time to close: Tax credit closing deadline likely to be extended

We want our $8,000!

If your a first time buyer holding a contract accepted prior to April 30th, 2010, this extension may help you. There was a rush on mortgages at the first time buyer tax credit deadline and the log-jam has put some closing dates prior to June 30th in jeopardy. Congress to the rescue!

From the AP and news:
"The Senate on Wednesday approved a plan to give home buyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

The move by Senate Majority Leader Harry Reid would give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale."

Read more HERE

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