Senate Extends Tax Credit Closing Deadline

Senate Extends Tax Credit Closing Deadline
The U.S. Senate voted Wednesday to extend the home buyer tax credit
closing deadline to Sept. 30, giving an ...estimated
180,000 buyers who met the contract deadline of April 30 extra time
to close the transaction.The extension was added to a bill to pay for
... jobless benefits. The NATIONAL ASSOCIATION OF REALTORS® estimates
that one-third of qualified applicants have been notified that they
will be unable to close by the deadline. The Mortgage Bankers Association
says delays are caused largely by the volume of transactions.The
measure still must be approved by the House.Source:
Associated Press, Andrew Taylor (06/16/2010)

http://www.realtor.org/rmodaily.nsf/pag ... enDocument

We recently closed on a house and our mortgage company had been overwhelmed by the increase in demand after laying everybody off last year, so it is good they extended this.
I was really hoping they would extend the tax credits since I still have a place to sell.

SS109 wrote: We recently closed on a house and our mortgage company had been overwhelmed by the increase in demand after laying everybody off last year, so it is good they extended this.
I was really hoping they would extend the tax credits since I still have a place to sell.

I agree, would help a lot of people and the real estate market.

SS109 wrote: We recently closed on a house and our mortgage company had been overwhelmed by the increase in demand after laying everybody off last year, so it is good they extended this.
I was really hoping they would extend the tax credits since I still have a place to sell.

I am not sure I read it right. I don't think this extends the tax credits past April 30th. It says if you closed before April 30th you have an extra 6 months to come up with the financing. Is that right? Are new purchases with contracts that are signed after April 30th given a tax credit too?

It doesn't extend the tax credit. You still needed to have signed your contract by 4/30. It does permit people to take longer to get their financing in order. Since interest rates continue to fall, this might help out some people.
I believe the old deadline was 6/30.

SS109 wrote: It doesn't extend the tax credit. You still needed to have signed your contract by 4/30. It does permit people to take longer to get their financing in order. Since interest rates continue to fall, this might help out some people.
I believe the old deadline was 6/30.

That is correct!

FoothillsRealtor wrote: Senate Extends Tax Credit Closing Deadline
The U.S. Senate voted Wednesday to extend the home buyer tax credit
closing deadline to Sept. 30, giving an ...estimated
180,000 buyers who met the contract deadline of April 30 extra time
to close the transaction.The extension was added to a bill to pay for
... jobless benefits. The NATIONAL ASSOCIATION OF REALTORS® estimates
that one-third of qualified applicants have been notified that they
will be unable to close by the deadline. The Mortgage Bankers Association
says delays are caused largely by the volume of transactions.The
measure still must be approved by the House.Source:
Associated Press, Andrew Taylor (06/16/2010)

http://www.realtor.org/rmodaily.nsf/pag ... enDocument

Thanks for posting that FR- I posted that in another thread an Joe called me a liar