The Real Estate Bloggers

Home Buyer Tax Credit Closing Extension Passed and Signed

Posted: 02 Jul 2010 08:29 AM PDT

Home buyers who qualified for the $8,000 Home Buyers Tax Credit who were unable to close on their home have been given a reprieve. With President Obama’s signature this morning they will now have until September 30th to close.

There was an estimated 180,000 families that were unable to get their homes closed upon before the deadline that would have lost out on the tax credit. This extension will save many, many deals out there.

Buyers now have until Sept. 30 to close on a home sale to be eligible for the credit. The closing deadline was originally June 30. To be eligible, buyers need a contract that was in place by April 30.

The National Association of Realtors has estimated that about 180,000 otherwise eligible buyers were likely to miss out on the credit if the original deadline was upheld. It’s been difficult for some buyers to get their mortgages approved on time, as lenders work through a clogged pipeline of applications.

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Home Buyer Tax Credit Closing Extension Passed and Signed