Congress Extends Tax Credit Closing Deadline

Congress Extends Tax Credit Closing Deadline Until September 30, 2010President Expected to Sign Measure into Law

Congress has passed a bill to give homebuyers another three months to close on their home loans and receive tax credits up to $8,000. The bill applies ONLY to homebuyers who met the April 30, 2010, deadline with a signed contract to purchase a new or existing primary residence. The bill would extend the deadline to September 30, 2010, for homebuyers to close on their real estate transaction. The previous deadline was June 30, 2010. President Obama is expected to sign the measure into law.

The National Association of Realtors estimates that as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. They will now have additional time to close their transactions.

Even if you have clients in your pipeline who may not qualify for the homebuyer tax credit, there is still a tremendous opportunity available through the combination of low home prices and historically low interest rates. Encourage your buyers to act now on this opportunity before market conditions change.

I'm available to get a loan application started for your clients or answer any questions they may have. Feel free to have them call or email me today!


The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.