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Homebuyer Tax Credit Extension


According to, Congress passed the Homebuyer Assistance and Improvement Act (H.R. 5623), an extension of the Homebuyer Tax Credit. 

The extension extends the closing deadline to September 30, 2010 and applies only to transactions that have ratified contracts in place as of April 30, 2010 but have yet to close.  The legislation is designed to create a seamless extension and there will be no gap between June 30th and the date the President signs the bill into law.

For more information, visit Homebuyer Assistance and Improvement Act.

In addition, the Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program.  The new extension, September 30, 2010, will allow transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

For more information, visit National Flood Insurance Program Extension Act.

Now homebuyers who thought you lost out on this tax credit because you hadn't closed on your home quick enough, need not to worry.  Just be sure to close by September 30th!


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