Good News! Yesterday both houses of Congress approved legislation extending the closing deadline for qualified first-time and repeat home buyer tax credit purchases from June 30, 2010, to September 30, 2010.
President Obama is expected to sign The Homebuyer Assistance and Improvement Act of 2010 into law in the next few days. The extension only applies, however, to those home buyers who had a binding sales contract in place prior to May 1, 2010.
For home builders and lenders, this legislation provides an additional three months to complete construction and backlogged paperwork in order for home buyers to close on the home and still receive the tax credit.
If you'd like more news on the extension, please visit NAHB's consumer website www.federalhousingtaxcredit.com.