Senate approves closing deadline for Home Buyer Tax Credit
On Wednesday, June 16 2010, the US Senate approved to extend the home buyer tax credit. The extention to the home buyer tax credit which originally expired on April 30, 2010, will allow additional time for those buyers who entered into a contract prior to April 30, 2010. The credit will allow first time buyers to be eligible to receive up to $8,000 and repeat buyers up to $6,500. It has long been debated whether or not the government will extend the bill once it expires in hopes of keeping the housing market stable and aiding it to a speedy recovery, and now we have our answer!
Keep in mind, this extension will only pertain to those buyers that were under contract prior to April 30, 2010. Originally the buyer would have needed to close by June 30, 2010. This extension will now allow those buyers to close on or before September 30, 2010, which will come as a blessing to those buyers that have be so patient awaiting short sale approvals.