Congress Approves Homebuyer Tax Credit Extension

July 1, 2010

Congress Approves Homebuyer Tax Credit ExtensionIn a late vote last night (June 30, 2010), Congress approved an extension of the homebuyer tax credit.  Previously, homebuyers with a signed contract by April 30th had to have their loans closed (through escrow) by the end of business day on June 30th to take advantage of the $8000 first time homebuyers tax credit and $6500 homebuyer tax credit.  Because so many people rushed to get their loans in under the April 30th deadline, there was a huge backlog of loans that needed to be approved.  Usually, two months is plenty of time to close out a loan.  However, the backlog pushed about 180,000 people to the edge of missing out on the tax credit, according to the National Association of REALTORS®.

The tax credit deadline only extends to those people who had a signed, binding contract for their home loan by the end of business on April 30, 2010.  If you bought a home after that, you are not eligible for either tax credit.  For those homebuyers who had their contracts under way by April 30th, you now have until September 30, 2010 to close escrow to still be eligible for the $8000 or $6500 homebuyer tax credits. 

Now that congress has approved the homebuyer tax credit extension, many homebuyers can breathe a sigh of relief.  Even if you missed out on your chance to take advantage of the tax credits, it’s still a great time to purchase your dream Hendersonville home.  Home prices are very affordable, a variety of different types of homes are available and interest rates remain at historical lows.  Just contact me today!

You'll never get a lemon in Hendersonville real estate if you use Rich Cooke.

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