The Homebuyer Tax Credit Extension has been passed by the SenateThe Senate has passed a bill to give homebuyers another three months to close on their homes and receive tax credits up to $8,000.  The Tax Extenders Bill would apply to homebuyers who met the April 30, 2010 deadline with a signed contract to purchase a new or existing primary residence.  The amendment would extend the deadline to September 30, 2010 for homebuyers to close on their real estate transaction.  The previous deadline was June 30, 2010.  The bill now goes to the House of Representatives, where it is expected to pass.

The National Association of Realtors® estimates that as many as 180,000 homebuyers have qualified for the tax credit and met the contract deadline of April 30, 2010, but might not be able to close their transaction by the June 30, 2010 deadline due to the sheer volume of loan applications in the pipeline.

I'm committed to meeting your home-financing needs and to answering questions about how the new law could impact you.  Contact us if you have any questions or if you would like to get started on a loan application today!

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.