President Obama signed on July 2nd, 2010 House Resolution 5623 which extends the closing deadline for the homebuyer’s tax credit program by three months to September 30. Originally, homebuyers who signed a sales contract by April 30 had until June 30 to close and qualify for the tax credit. The extention was granted due to closing delays that were created by lapses in the flood insurance program, rural housing developnment program and changes to mortgage settlement rules which had delayed closings beyond the June 30th closing deadline. Now, first time homebuyers will still be able to claim their $ 8,500 tax credit and repeat buyers their $ 6,500 tax credit as long they contracted by April 30th and close their loan by September 30th.
Homeowner’s Tax Credit Extended
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