The House of Representatives voted to give first-time home buyers three more months to close on their home purchases and receive the $8,000 tax credit.
The Senate had needs to approve in the next 24 hours to meet the June 30th deadline .
Buyers must have signed a contact by April 30 to qualify. The issue is the date the sale must be closed by. June 30th versus Sept 30. Many lenders and title companies are having trouble closing the sales on time. If they close one minute passed the deadline there are about 200,0o0 buyers that will loose their $8000 credit.
The House voted 409 to 5 to delay the closing deadline to September 30 in a stand-alone measure. The move comes after the Senate failed to approve the jobs bill which contained the tax credit provision.
The House bill would raise the deficit by $9 million.
It is now up to the Senate. Let’s hope it passes there are a lot of people stressing out. The good news, all my clients that needed to close before the cutoff closed last week.
