There are a lot of rumors circulating about the recent Senate approval of the extension of the home buyer’s tax credit. I know a lot of you are curious, so I wanted to pass along the facts:
- The extension is for the closing deadline only, originally June 30, 2010, but proposed to extend until September 30, 2010. You still needed to be under contract by April 30th to qualify for the $8,000 tax credit (1st time buyers) or the $6,500 tax credit (move-up buyers).
- The Senate approved the measure, but the House still needs to sign-off on it
- Currently, there is no discussion of extending the qualification deadline or restarting the credit option like they did in November 2009.
- For more information on these credits, checkout http://www.federalhousingtaxcredit.com
- Also, here is a good article about the closing deadline extension: http://www.bankrate.com/financing/mortgages/congress-might-extend-tax-credit-closing-deadline
As always, please don’t hesitate to contact me with any questions. Have a great weekend!
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