Tax Credit Closing Deadline is Extended

Daily Real Estate News | July 1, 2010 |

Tax Credit Extension Passes

After a close brush with a deadline that could have impacted tens of thousands of home buyers, the U.S. Congress last night passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act (H.R. 5623) and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit through no fault of their own. These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.

The Tax Credit is still available to members of the military who have been serving overseas and would otherwise have missed the opportunity. Ask us about Military Home Buying and Selling Discounts!