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Saturday, June 12, 2010

HOMEBUYER TAX CREDIT EXTENSION?

Are you feeling a bit of panic to close on the signed sales contract for your new home prior to June 30, 2010, so that you can realize your $8000 or $6500 tax credit?  You are not alone!

Apparently, the U.S. Senate is listening to you. A measure was introduced in the U.S. Senate Thursday, June 10, 2010, that would extend the required closing date from June 30, 2010 to September 30 2010.

Here's The Scoop:
  • You must have a valid contract in place which was signed by April 30, 2010.
  • Currently, it is required that you close on that contract by June 30, 1010, in order to claim your tax credit.
  • If the measure is passed, it will be added as an Amendment to the jobs legislation that is currently pending in the Senate. 
  • You will then have until September 30, 2010, to close on your new home and the tax credit will be yours!

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