First Time Home Buyer Tax Credit Extended

Homebuyers that were under contract to purchase a home by April 30 now get three additional months to close in order to qualify for the homebuyer tax credit; thanks to the U.S. Congress’ amendment and approval of the tax credit bill.

Extending the deadline to September 30 ensures homebuyers can take advantage of the tax credit by allowing lenders to catch up on the huge volume of loan applications waiting to be processed.
The extension only pertains to qualified homebuyers with existing contracts. Buyers who were not under contract on or before April 30, 2010 are not eligible to receive the tax credit.

This entry was posted on Friday, July 2nd, 2010 at 11:17 pm and is filed under Community News, Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.