You Can Stop Sweating Now - Homebuyer Tax Credit Extended
According to the National Association of Realtors®, up to 180,000 home buyers could lose their tax credit through no fault of their own. These buyers met all the qualifications for the tax credit but delays and workflow jams with lenders prevented purchasers from completing their purchase prior to the June 30, 2010 deadline.
Down to the wire, Congress passed an extension of the Homebuyer Assistance and Improvement Act (H.R. 5623). This extension only applies to transactions with ratified contracts in place as of April 30, 2010 which haven't closed yet. The new closing deadline is September 30, 2010.
What does this mean to you? Home buyers who meet the qualifications for the Homebuyer Assistance and Improvement Act have until September 30, 2010 to close on their property. It also provides additional stability to the real estate market across the nation which is sorely needed.
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Catherine Condon, Broker MA & NH