Home buyers Tax credit extension approved by House

Real estate agents, mortgage originators and home buyer’s are in a frenzy across the nation  worried that thousands of settlements might not be completed Wednesday due to the June 30 deadline. They are hopeful that the tax credit extension will be approved to give buyers more time to sign a contract.If approved by the Senate and signed into law by President Obama, home buyer’s will have extra time to get the popular federal tax credit.

On Tuesday, the House voted 409-5 a measure that would extend the deadline to September 30 for buyers to sign a contract who already met the April 30 deadline.

Right now, the current deadline is today, June 30. Unless the tax credit extension is approved today, buyers must close the transaction today to receive the $8,000 tax credit for first-time homebuyers.

With the recent extension of  unemployment benefits, I would assume this may pass shortly. But who knows.

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