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Homebuyer Tax Credit Extended

July 1, 2010

As expected, the Federal Homebuyer Tax Credit has been extended. At the 11th hour, Congress finally officially did what was generally expected in the industry by extending the deadline to close loans from 30 June to 30 September. I will hold my personal opinions to a minimum, but doing this earlier would have definitely saved many buyers and lenders the stress and craziness that we have seen over the last few weeks. I will say that this at least takes care of the buyers who missed the June 30th deadline due to the inherent difficulties of getting loans done in the current lending environment. As with the prior requirements, contracts must have been ratified by April 30th, 2010.

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