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Senate Approves Extension of Homebuyers Tax Credits

Due to the challenges associated with buying short sale and foreclosure properties, many home buyers who signed contracts prior to April 30th to take advantage of the federal home buyer tax credit are concerned escrow may not close before the June 30th deadline. Consequently, the Senate just approved an amendment this past Wednesday that will extend the deadline to close until September 30th, 2010. Under the amendment, purchase contracts would still have had to be entered into by April 30th. First time homebuyers could qualify for up to $8,000 and repeat purchasers up to a maximum of $6,500 (primary residences only). The bill will now go back to the House of Representatives for approval before reaching the presidents desk for his signature. Every little bit helps!

Written by Keith Byrd - Go to Keith's Website/Profile