Homebuyers wishing to claim the Tax Credit have an extended deadline of September 30 to close on their home. This extension aims to give an estimated backlog of 180,000 first-time home buyers sufficient time to qualify and close on their purchase.
"The first-time homebuyer tax credit was an extremely popular and successful program that has helped Americans purchase homes and given a boost our economy," said Sen Harry Reid.
"Because of this program's popularity and the time it takes to complete transactions such as short sales, I led the effort today to extend the closing deadline for this tax credit through September of this year - allowing lenders more time to clear a backlog of 180,000 potential homebuyers nationwide,"said Reid who sponsored the bill.
The extension applies only to sales that went under contract by April 30.
According to the National Association of Realtors, almost 180,000 potential buyers who signed a purchase agreement before April 30 would fail to close on their home before June 30 because of delays.
|
